[Code of Federal Regulations]
[Title 34, Volume 3]
[Revised as of July 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 34CFR628.3]

[Page 271]
 
                           TITLE 34--EDUCATION
 
             CHAPTER VI--OFFICE OF POSTSECONDARY EDUCATION,
                         DEPARTMENT OF EDUCATION
 
PART 628--ENDOWMENT CHALLENGE GRANT PROGRAM--Table of Contents
 
                           Subpart A--General
 
Sec. 628.3  Under what conditions may an eligible institution designate a foundation as the recipient of an endowment challenge grant?

    An eligible institution may designate a foundation, which was 
established for the purpose of raising money for that institution, as 
the recipient of an endowment challenge grant if--
    (a) The institution assures the Secretary in its application that 
the foundation is legally authorized to receive the endowment fund 
corpus and to administer the endowment fund in accordance with the 
regulations in this part;
    (b) The foundation agrees to administer the endowment fund in 
accordance with the regulations in this part; and
    (c) The institution agrees to be liable for any violation by the 
foundation of any applicable regulation, including any violation 
resulting in monetary liability.

(Authority: 20 U.S.C. 1065)