[Code of Federal Regulations]

[Title 34, Volume 3]

[Revised as of July 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 34CFR628.3]



[Page 273]

 

                           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)