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

submitted 42 years ago by Pub. L. 98-480 to r/title-20-EDUCATION · 234 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Secretary of Education can run an endowment program to grow Howard University's endowment funds. Howard gets a grant only if it matches it dollar for dollar with non-federal money. A grant lasts up to 20 years, and Howard can't touch the endowment's corpus during that time.

(a) The Secretary can set up an endowment program under this subchapter to build or grow endowment funds, give extra incentive for fundraising, and help Howard University become more independent and self-sufficient. (b) (1) Using money Congress appropriates for Howard's endowment each year, the Secretary can give grants to Howard University, and can make agreements with the University that include whatever terms the Secretary thinks are needed to make sure the subchapter's purposes are met. (2) Howard can only get a grant if it deposits into its endowment fund an amount equal to the grant, and gives the Secretary adequate assurance it will manage the fund the way this subchapter requires. Howard's matching money can't come from federal funds or from an existing endowment fund. (3) A grant can last no more than twenty years, and during that time Howard can't withdraw or spend any of the endowment fund's corpus. Once the grant period ends, Howard can use the corpus plus any income the fund has earned for any educational purpose.

the actual law source: uscode.house.gov ↗public domain

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

history & why it existsrecord from the source credit

1984Enacted · Pub. L. 98-480 · 98 Stat. 2245

A history note hasn’t been published yet. The record shows enactment by Pub. L. 98-480 on 1984-10-17.

all 0 arguments · sorted by: best

no arguments yet — make the first case