[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: 34CFR628.42]



[Page 278]

 

                           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. 628.42  What may a grantee not use to match an endowment challenge 

grant?



    To match an endowment challenge grant, a grantee may not use--

    (a) A pledge of funds or securities;

    (b) Deferred gifts such as a charitable remainder annuity trust or 

unitrust;

    (c) Any Federal funds;

    (d) Any borrowed funds; or

    (e) The corpus or income of an endowment fund or quasi-endowment 

fund existing at the closing date established by the Secretary for 

submission of eligibility requests under the Endowment Challenge Grant 

Program. This includes the corpus or income of an endowment or quasi-

endowment fund established by a foundation if the foundation is tax-

exempt and was established for the purpose of raising money for the 

institution.



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