§ 130aa-1. — Program authorized.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 20USC130aa-1]
TITLE 20--EDUCATION
CHAPTER 8--HOWARD UNIVERSITY
SUBCHAPTER II--ENDOWMENT
Sec. 130aa-1. Program authorized
(a) The Secretary is authorized to establish an endowment program,
in accordance with the provisions of this subchapter, for the purpose of
establishing or increasing endowment funds, providing additional
incentives to promote fundraising activities, and encouraging
independence and self-sufficiency at the University.
(b)(1) From the funds appropriated pursuant to this subchapter for
endowments in any fiscal year for the University, the Secretary is
authorized to make grants to Howard University. The Secretary may enter
into agreements with the University and include in any agreement made
pursuant to this subchapter such provisions deemed necessary by the
Secretary to assure that the purposes of this subchapter will be
achieved.
(2) The University may receive a grant under this section only if it
has deposited in the endowment fund established under this subchapter an
amount equal to such grant and has adequately assured the Secretary that
it will administer the endowment fund in accordance with the
requirements of this subchapter. The source of funds for this
institutional match shall not include Federal funds or funds derived
from an existing endowment fund.
(3) The period of any grant under this section shall not exceed
twenty years, and during such period the University shall not withdraw
or expend any of its endowment fund corpus. Upon the expiration of any
grant period, the University may use the endowment fund corpus plus any
endowment fund income for any educational purpose.
(Pub. L. 98-480, title II, Sec. 203, Oct. 17, 1984, 98 Stat. 2245.)
Section Referred to in Other Sections
This section is referred to in section 130aa-5 of this title.
