[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: 34CFR628.44]



[Page 279]

 

                           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. 628.44  When and for what purposes may a grantee use the endowment 

fund corpus?



    (a)(1) During the grant period, a grantee may not withdraw or spend 

any part of the endowment fund corpus.

    (2) If, during the grant period, a grantee withdraws or spends all 

or part of the endowment fund corpus, it must repay to the Secretary an 

amount equal of 50 percent of the amount withdrawn or spent plus the 

income earned on that amount.

    (b) At the end of the grant period, the institution may use the 

endowment fund corpus for any educational purpose.



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