[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: 34CFR628.46]



[Page 279-280]

 

                           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. 628.46  How shall a grantee calculate the amount of endowment fund 

income that it may withdraw and spend?



    A grantee shall calculate the amount of endowment fund income that 

it may withdraw and spend at a particular time as follows:

    (a) On each date that the grantee plans a withdrawal of income, it 

must--

    (1) Determine the value of endowment fund income by subtracting the 

endowment fund corpus from the current total value of the endowment fund 

on that date; and



[[Page 280]]



    (2) Calculate the amount of endowment fund income previously 

withdrawn from the endowment fund.

    (b) If the value of endowment fund income in the endowment fund 

exceeds the aggregate amount of previously withdrawn endowment fund 

income, the grantee may withdraw and spend up to 50 percent of that 

excess fund income.



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



[49 FR 28521, July 21, 1984, as amended at 52 FR 11258, Apr. 8, 1987]