Sec. 20. Endowment program
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/bill/119/hr/4085/ih/section-20A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Amounts appropriated to carry out this Act for each fiscal year for use under this subsection may be deposited into a trust fund (referred to in this subsection as the trust fund ), to be maintained by the University at a federally insured banking or savings institution. The President of the University shall provide— for deposit in the trust fund— an initial capital contribution by the University of $5,000,000; and such additional capital contributions as may be required under subparagraph (B); and any earnings on the funds deposited under this subparagraph; and for the reservation for the sole use of the University of any noncash, in-kind contributions of real or personal property, which may at any time be converted to cash, which shall be deposited as a capital contribution into the trust fund.
For each $5,000,000 that the University, through private fundraising or bequests made on behalf of the University, raises, the University shall match that amount through a capital contribution, which shall be deposited in the trust fund. If, at any time, the University withdraws any capital contribution (as described in items
(aa)and
(bb)of paragraph (2)(A)(i)(I)) made by the University to the trust fund or puts any property (as described in paragraph (2)(A)(ii)) to a use which is not for the sole benefit of the University, an amount equal to the value of the Federal contribution shall be withdrawn from the trust fund and returned to the Treasury as miscellaneous receipts. Interest deposited in the trust fund pursuant to paragraph (2)(A)(i)(II) may be periodically withdrawn and used, at the direction of the Board or its designee, to defray any expense associated with the operation of the University, including the expense of operations and maintenance, administration, academic and support personnel, community and student services programs, and technical assistance. For the purpose of complying with the contribution requirement under paragraph (2)(A)(ii), the University may use funds or in-kind contributions of real or personal property fairly valued that are made available from any private or Tribal source, including interest earned by the funds invested under this subsection. In-kind contributions shall be— property other than fully depreciable property; and valued according to the procedures established for such purpose by the Secretary of the Treasury. For purposes of this paragraph, all contributions, including in-kind and real estate, which are received by the University beginning on the date on which the initial members of the Board appointed under section 8(b)(1)(A)(ii) are confirmed by the Senate, but which have not been included in the computations under this subsection, shall be eligible for matching with Federal funds appropriated in any fiscal year. Amounts appropriated to carry out this Act for use under this subsection shall be paid by the Secretary of the Treasury to the University as a Federal capital contribution equal to the amount of funds or the value of the in-kind contributions which the University demonstrates have been placed within the control of, or irrevocably committed to the use of, the University as a capital contribution of the University in accordance with this subsection. Section 200402(e)(1) of title 54, United States Code, is amended, in the matter preceding subparagraph (A), by inserting (including Haskell Indian Nations University and the Southwestern Indian Polytechnic Institute) after schools . Funds in the trust fund described in subsection
(a)shall be invested under the same conditions and limitations as funds are invested under section 331(c)(2) of the Higher Education Act of 1965 ( 20 U.S.C. 1065(c)(2) ) and the regulations implementing that section (as such regulations were in effect at the time the funds are invested). No part of the net earnings of the trust fund established under this section shall inure to the benefit of any private person. Any amounts deposited in the trust fund authorized under subsection
(a)may be used to secure loans procured for the purposes of constructing or improving University facilities. The President of the University shall provide for such other provisions governing the trust fund established under this section as may be necessary to protect the financial interest of the United States and to promote the purpose of this Act as agreed to by the Secretary of the Treasury and the Board or the designee of the Board, including record keeping procedures for the expenditure of accumulated interest for the trust fund under subsection
(a)as will allow the Secretary of the Treasury to audit and monitor activities under this section.
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U.S. Code