[Code of Federal Regulations]
[Title 34, Volume 3]
[Revised as of July 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 34CFR628.40]

[Page 277]
 
                           TITLE 34--EDUCATION
 
 CHAPTER VI--OFFICE OF POSTSECONDARY EDUCATION, DEPARTMENT OF EDUCATION
 
PART 628_ENDOWMENT CHALLENGE GRANT PROGRAM--Table of Contents
 
   Subpart E_What Conditions Must a Grantee Meet Under the Endowment 
                        Challenge Grant Program?
 
Sec. 628.40  What are the restrictions on the amount of an endowment 
challenge grant?


    (a) To receive an endowment challenge grant, an institution must 
raise at least $25,000 in matching funds and qualify for at least a 
$50,000 grant under paragraph (c) of this section.
    (b) If an institution obtains at least $25,000 in matching funds and 
raises all the nongovernmental funds it proposed to raise in its 
application, the institution may receive a grant equal to twice the 
amount of matching funds it raises up to--
    (1) $500,000 in any fiscal year in which the amount appropriated for 
the Endowment Challenge Grant Program is less than $15,000,000;
    (2) $1,000,000 in any fiscal year in which the amount appropriated 
for the Endowment Challenge Grant Program equals or exceeds $15,000,000 
but is less than $25,000,000; or
    (3) $1,500,000 in any fiscal year in which the amount appropriated 
for the Endowment Challenge Grant Program equals or exceeds $25,000,000.
    (c) If an institution does not raise all the nongovernmental funds 
it proposes to raise in its application, the Secretary reduces the 
institution's grant by multiplying the grant amount requested by the 
following fraction:
[GRAPHIC] [TIFF OMITTED] TC15NO91.023


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

[57 FR 11163, Feb. 23, 1993]