[Code of Federal Regulations]
[Title 34, Volume 3]
[Revised as of July 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 34CFR628.6]

[Page 288]
 
                           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]