[Code of Federal Regulations]
[Title 34, Volume 3]
[Revised as of July 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 34CFR628.42]

[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. 628.42  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)