[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: 34CFR628.6]



[Page 274]

 

                           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. 628.6  What definitions apply to the Endowment Challenge Grant 

Program?



    The following definitions apply to the regulations in this part:

    Endowment fund means a fund which excludes real estate and which is 

established by State law, by an institution, or by a foundation that is 

exempt from taxation and is maintained for the purpose of generating 

income for the support of the institution. The principal or corpus of 

the fund may not be spent. ``Endowment fund'' includes ``quasi-endowment 

fund''.

    Endowment fund corpus means an amount equal to the endowment 

challenge grant or grants awarded under this part plus matching funds 

provided by the institution.

    Endowment fund income means an amount equal to the total value of 

the endowment fund established under the grant minus the endowment fund 

corpus.

    Quasi-endowment fund means a fund which the governing board of an 

institution or foundation establishes to function as an endowment in 

that the principal is to be retained and invested. However, the entire 

principal and income may be spent at any time at the discretion of the 

governing board.



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



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

FR 36375, Sept. 28, 1987; 58 FR 11163, Feb. 23, 1993]