20 U.S.C. § §130aa–1. Program authorized — §130aa–1. Program authorized

FEDERAL · 20 U.S.C. · Chapter SUBCHAPTER II—ENDOWMENT

§130aa–1. Program authorized

20 U.S.C. § §130aa–1. Program authorized

ChapterSUBCHAPTER II—ENDOWMENT

This text of 20 U.S.C. § §130aa–1. Program authorized (§130aa–1. Program authorized) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

20 U.S.C. § §130aa–1. Program authorized.

Text

(a)The Secretary is authorized to establish an endowment program, in accordance with the provisions of this subchapter, for the purpose of establishing or increasing endowment funds, providing additional incentives to promote fundraising activities, and encouraging independence and self-sufficiency at the University.

(b)(1) From the funds appropriated pursuant to this subchapter for endowments in any fiscal year for the University, the Secretary is authorized to make grants to Howard University. The Secretary may enter into agreements with the University and include in any agreement made pursuant to this subchapter such provisions deemed necessary by the Secretary to assure that the purposes of this subchapter will be achieved.

(2)The University may receive a grant under this section onl

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(a) The Secretary is authorized to establish an endowment program, in accordance with the provisions of this subchapter, for the purpose of establishing or increasing endowment funds, providing additional incentives to promote fundraising activities, and encouraging independence and self-sufficiency at the University.
(b)(1) From the funds appropriated pursuant to this subchapter for endowments in any fiscal year for the University, the Secretary is authorized to make grants to Howard University. The Secretary may enter into agreements with the University and include in any agreement made pursuant to this subchapter such provisions deemed necessary by the Secretary to assure that the purposes of this subchapter will be achieved.
(2) The University may receive a grant under this section only if it has deposited in the endowment fund established under this subchapter an amount equal to such grant and has adequately assured the Secretary that it will administer the endowment fund in accordance with the requirements of this subchapter. The source of funds for this institutional match shall not include Federal funds or funds derived from an existing endowment fund.
(3) The period of any grant under this section shall not exceed twenty years, and during such period the University shall not withdraw or expend any of its endowment fund corpus. Upon the expiration of any grant period, the University may use the endowment fund corpus plus any endowment fund income for any educational purpose.

Source Credit

History

(Pub. L. 98–480, title II, §203, Oct. 17, 1984, 98 Stat. 2245.)

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20 U.S.C. § §130aa–1. Program authorized, Counsel Stack Legal Research, https://law.counselstack.com/usc/20/§130aa–1. Program authorized.