US Code

Public Law 119-73 (01/23/2026)

42 U.S.C. § 12601

Establishment of the National Service Trust

(a)

Establishment

There is established in the Treasury of the United States an account to be known as the National Service Trust. The Trust shall consist of—
(1)
from the amounts appropriated to the Corporation and made available to carry out this division, such amounts as the Corporation may designate to be available for the payment of—
(A)
national service educational awards, summer of service educational awards, and silver scholar educational awards; and
(B)
section 12604(e) of this title interest expenses pursuant to ;
(2)
section 12651g(a)(2) of this title any amounts received by the Corporation as gifts, bequests, devises, or otherwise pursuant to , if the terms of such donations direct that the donated amounts be deposited in the National Service Trust;
(3)
section 12602a of this title any amounts recovered by the Corporation pursuant to ; and
(4)
the interest on, and proceeds from the sale or redemption of, any obligations held by the Trust.
(b)

Investment of Trust

It shall be the duty of the Secretary of the Treasury to invest in full the amounts appropriated to the Trust. Except as otherwise expressly provided in instruments concerning a gift, bequest, devise, or other donation and agreed to by the Corporation, such investments may be made only in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. For such purpose, such obligations may be acquired on original issue at the issue price or by purchase of outstanding obligations at the market price. Any obligation acquired by the Trust may be sold by the Secretary at the market price.

(c)

Expenditures from Trust

Amounts in the Trust shall be available, to the extent provided for in advance by appropriation, for—
(1)
section 12604 of this title payments of national service educational awards, summer of service educational awards, and silver scholar educational awards in accordance with ; and
(2)
section 12604(e) of this title payments of interest in accordance with .
(d)

Reports to the authorizing committees on receipts and expenditures

Not later than March 1 of each year, the Corporation shall submit a report to the authorizing committees on the financial status of the Trust during the preceding fiscal year. Such report shall—
(1)
section 12651g(a)(2) of this title specify the amount deposited to the Trust from the most recent appropriation to the Corporation, the amount received by the Corporation as gifts, bequests, devises, or otherwise pursuant to during the period covered by the report, and any amounts obtained by the Trust pursuant to subsection (a)(3);
(2)
identify the number of individuals who are currently performing service to qualify, or have qualified, for national service educational awards, summer of service educational awards, or silver scholar awards;
(3)
identify the number of individuals whose expectation to receive national service educational awards, summer of service educational awards, or silver scholar awards during the period covered by the report—
(A)
section 12603(c) of this title has been reduced pursuant to ; or
(B)
section 12602(d) of this title has lapsed pursuant to ; and
(4)
estimate the number of additional approved national service positions, additional approved summer of service positions, and additional approved silver scholar positions that the Corporation will be able to make available on the basis of any accumulated surplus in the Trust above the amount required to provide national service educational awards, summer of service educational awards, or silver scholar awards to individuals identified under paragraph (2), including any amounts available as a result of the circumstances referred to in paragraph (3).

Pub. L. 101–610, title I, § 145Pub. L. 103–82, title I, § 102(a)107 Stat. 816Pub. L. 111–13, title I, § 1401(b)123 Stat. 1512(, as added , , ; amended , , .)

Editorial Notes

Prior Provisions

Pub. L. 101–610, title I, § 156104 Stat. 3156Pub. L. 103–82, § 104(a)A prior section 12601, , , , related to authority of Commission on National and Community Service to make grants to States or Indian tribes for creation of innovative volunteer and community service programs, prior to repeal by .

section 145 of Pub. L. 101–610section 12575 of this titlePub. L. 101–610Pub. L. 103–82, § 102(a)A prior was classified to prior to the general amendment of subtitle D of title I of [former part D of this subchapter] by .

Amendments

Pub. L. 111–13, § 1401(b)(1)(A)(i)section 12681(a)(2) of this title2009—Subsec. (a)(1). , struck out “pursuant to ” after “carry out this division” in introductory provisions.

Pub. L. 111–13, § 1401(b)(1)(A)(ii)Subsec. (a)(1)(A). , inserted “, summer of service educational awards, and silver scholar educational awards” after “national service educational awards”.

Pub. L. 111–13, § 1401(b)(1)(B)(i)section 12651g(a)(2) of this titlesection 12651g(a)(2) of this titleSubsec. (a)(2). , substituted “pursuant to , if the terms of such donations direct that the donated amounts be deposited in the National Service Trust” for “pursuant to ”.

Pub. L. 111–13, § 1401(b)(1)(B)(ii)Subsec. (a)(3), (4). –(D), added par. (3) and redesignated former par. (3) as (4).

Pub. L. 111–13, § 1401(b)(2)section 12604 of this titleSubsec. (c). , substituted “for—” for “for payments of national service educational awards in accordance with .” and added pars. (1) and (2).

Pub. L. 111–13, § 1401(b)(3)(A)Subsec. (d). , (B), substituted “the authorizing committees” for “Congress” in heading and “the authorizing committees” for “the Congress” in introductory provisions.

Pub. L. 111–13, § 1401(b)(3)(C)Subsec. (d)(2), (3). , inserted “, summer of service educational awards, or silver scholar awards” after “national service educational awards”.

Pub. L. 111–13, § 1401(b)(3)(C)Subsec. (d)(4). , (D), inserted “, additional approved summer of service positions, and additional approved silver scholar positions” after “additional approved national service positions”, struck out “under division C of this subchapter” after “make available”, and inserted “, summer of service educational awards, or silver scholar awards” after “national service educational awards”.

Statutory Notes and Related Subsidiaries

Effective Date of 2009 Amendment

Pub. L. 111–13section 6101(a) of Pub. L. 111–13section 4950 of this titleAmendment by effective , see , set out as a note under .

Effective Date

section 123 of Pub. L. 103–82section 1701 of Title 16Section effective , see , set out as an Effective Date of 1993 Amendment note under , Conservation.

Segal AmeriCorps Education Award

Pub. L. 109–234, title VII, § 7014120 Stat. 484

42 U.S.C. 12601“Any national service educational award described in subtitle D of title I of the National and Community Service Act of 1990 ( et seq.), made with funds appropriated to, funds transferred to, or interest accumulated in the National Service Trust, shall hereafter be known as a ‘Segal AmeriCorps Education Award’.”
, , , provided that: