[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: 34CFR628.6]

[Page 271-272]
 
                           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. 628.6  What definitions apply to the Endowment Challenge Grant Program?

    The following definitions apply to the regulations in this part:
    Endowment fund means a fund which excludes real estate and which is 
established by State law, by an institution,

[[Page 272]]

or by a foundation that is exempt from taxation and is maintained for 
the purpose of generating income for the support of the institution. The 
principal or corpus of the fund may not be spent. ``Endowment fund'' 
includes ``quasi-endowment fund''.
    Endowment fund corpus means an amount equal to the endowment 
challenge grant or grants awarded under this part plus matching funds 
provided by the institution.
    Endowment fund income means an amount equal to the total value of 
the endowment fund established under the grant minus the endowment fund 
corpus.
    Quasi-endowment fund means a fund which the governing board of an 
institution or foundation establishes to function as an endowment in 
that the principal is to be retained and invested. However, the entire 
principal and income may be spent at any time at the discretion of the 
governing board.

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

[49 FR 28521, July 21, 1984, as amended at 52 FR 11258, Apr. 8, 1987; 52 
FR 36375, Sept. 28, 1987; 58 FR 11163, Feb. 23, 1993]