25 U.S.C. § 1832 | Establishment of program; program agreements

(a)

section 1836 of this title section 1807 of this title section 1065 of title 20 From the amount appropriated pursuant to , the Secretary shall establish a program of making endowment grants to tribally controlled colleges or universities which are current recipients of assistance under or under section 3 of the Navajo Community College Act. No such college or university shall be ineligible for such a grant for a fiscal year by reason of the receipt of such a grant for a preceding fiscal year, but no such college or university shall be eligible for such a grant for a fiscal year if such college or university has been awarded a grant under for such fiscal year.

(b)

No grant for the establishment of an endowment fund by a tribally controlled college or university shall be made unless such college or university enters into an agreement with the Secretary which—

(1)

section 1065(c) of title 20 provides for the investment and maintenance of a trust fund, the corpus and earnings of which shall be invested in the same manner as funds are invested under paragraph (2) of , except that for purposes of this paragraph, the term “trust fund” means a fund established by an institution of higher education or by a foundation that is exempt from taxation and is maintained for the purpose of generating income for the support of the institution, and may include real estate;

(2)

provides for the deposit in such trust fund of—

(A)

section 1836 of this title any Federal capital contributions made from funds appropriated under ;

(B)

a capital contribution by such college or university in an amount (or of a value) equal to half of the amount of each Federal capital contribution; and

(C)

any earnings of the funds so deposited;

(3)

provides that such funds will be deposited in such a manner as to insure the accumulation of interest thereon at a rate not less than that generally available for similar funds deposited at the banking or savings institution for the same period or periods of time;

(4)

provides that, if at any time such college or university withdraws any capital contribution made by that college or university, an amount of Federal capital contribution equal to twice the amount of (or value of) such withdrawal shall be withdrawn and returned to the Secretary for reallocation to other colleges or universities;

(5)

provides that no part of the net earnings of such trust fund will inure to the benefit of any private person; and

(6)

includes such other provisions as may be necessary to protect the financial interest of the United States and promote the purpose of this subchapter and as are agreed to by the Secretary and the college or university, including a description of recordkeeping procedures for the expenditure of accumulated interest which will allow the Secretary to audit and monitor programs and activities conducted with such interest.

Pub. L. 95–471, title III, § 302 Pub. L. 98–192, § 13Dec. 1, 198397 Stat. 1341 Pub. L. 101–477, § 1(d)(1)(A)Oct. 30, 1990104 Stat. 1152 Pub. L. 103–382, title III, § 383Oct. 20, 1994108 Stat. 4018 Pub. L. 105–244, title IX, § 901(b)(5)Oct. 7, 1998112 Stat. 1828(, as added , , ; amended , (B), , , 1153; , , ; –(7), (12), (14), (15), , .)

Editorial Notes

References in Text

section 3 of Pub. L. 92–189Dec. 15, 197185 Stat. 646 section 640b of this titleSection 3 of the Navajo Community College Act, referred to in subsec. (a), is , , , which was classified to and was omitted from the Code as being of special and not general application.

Amendments

Pub. L. 105–244, § 901(b)(6)1998—Subsec. (a). , (7), substituted “colleges or universities” for “community colleges” and substituted “such college or university” for “such college” wherever appearing.

Pub. L. 105–244, § 901(b)(5)Subsec. (b). , (7), in introductory provisions, substituted “controlled college or university” for “controlled community college” and “such college or university” for “such college”.

Pub. L. 105–244, § 901(b)(7)Subsec. (b)(2)(B). , substituted “such college or university” for “such college”.

Pub. L. 105–244, § 901(b)(7)Subsec. (b)(4). , (14), (15), substituted “such college or university” for “such college”, “that college or university” for “that college”, and “other colleges or universities” for “other colleges”.

Pub. L. 105–244, § 901(b)(12)Subsec. (b)(6). , substituted “the college or university” for “the college”.

Pub. L. 103–382, § 383(1)section 1065 of title 20 section 1065a of title 201994—Subsec. (a). , substituted “” for “”.

Pub. L. 103–382, § 383(2)(A)Subsec. (b)(1). , amended par. (1) generally. Prior to amendment, par. (1) read as follows: “provides for the establishment and maintenance of a trust fund at a federally insured banking or savings institution;”.

Pub. L. 103–382, § 383(2)(B)Subsec. (b)(3). , struck out “same” before “banking or savings institution”.

Pub. L. 101–477, § 1(d)(1)(A)1990—Subsec. (b)(2)(B). , substituted “(or of a value) equal to half of” for “equal to”.

Pub. L. 101–477, § 1(d)(1)(B)Subsec. (b)(4). , substituted “an amount of Federal capital contribution equal to twice the amount of (or value of) such withdrawal” for “an equal amount of Federal capital contribution”.

Statutory Notes and Related Subsidiaries

Effective Date of 1998 Amendment

Pub. L. 105–244Oct. 1, 1998Pub. L. 105–244 section 3 of Pub. L. 105–244 section 1001 of Title 20Amendment by effective , except as otherwise provided in , see , set out as a note under , Education.

Effective Date of 1990 Amendment

Pub. L. 101–477, § 1(d)(2)Oct. 30, 1990104 Stat. 1153

October 1, 1991“The amendments made by paragraphs (A) through (E) of subsection (a) [probably means subpars. (A) to (E) of subsec. (d)(1), amending this section and sections 1834 and 1835 of this title] shall take effect .”

, , , provided that: