§ 692.113. What are the matching requirements for the GAP Program?
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/us/cfr/t34/s§ 692.113·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)The matching funds of a partnership---
(1)Shall be funds used for making LEAP Grants to eligible students under this subpart;
(2)May be---
(i)Cash; or
(ii)A noncash, in-kind contribution that---
(A)Is fairly evaluated;
(B)Has monetary value, such as a tuition waiver or provision of room and board, or transportation;
(C)Helps a student meet the cost of attendance at an institution of higher education; and
(D)Is considered to be estimated financial assistance under 34 CFR 673.5(c); and
(3)May be funds from the State, institutions of higher education, or philanthropic organizations or private corporations that are used to make LEAP Grants under GAP.
(b)The non-Federal match of the Federal allotment shall be---
(1)Forty-three percent of the expenditures under this subpart if a State applies for a GAP allotment in partnership with---
(i)Any number of degree-granting institutions of higher education in the State whose combined full-time enrollment represents less than a majority of all students attending institutions of higher education in the State as determined by the Secretary using the most recently available data from IPEDS; and
(ii)One or both of the following---
(A)Philanthropic organizations that are located in, or that provide funding in, the State; or
(B)Private corporations that are located in, or that do business in, the State; and
(2)Thirty-three and thirty-four one-hundredths percent of the expenditures under this subpart if a State applies for a GAP allotment in partnership with---
(i)Any number of degree-granting institutions of higher education in the State whose combined full-time enrollment represents a majority of all students attending institutions of higher education in the State as determined by the Secretary using the most recently available data from IPEDS; and
(ii)One or both of the following---
(A)Philanthropic organizations that are located in, or that provide funding in, the State; or
(B)Private corporations that are located in, or that do business in, the State.
(c)Nothing in this part shall be interpreted as limiting a State or other member of a partnership from expending funds to support the activities of a partnership under this subpart that are in addition to the funds matching the Federal allotment. (Authority: 20 U.S.C. 1070c-3a)
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