§ 4425. Endowment programs

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1986

   Higher Education Amendments of 1986

   Pub. L. 99–498 title XV § 1518 · 100 Stat. 1268

   Enacted · 20 U.S.C. § 4425

   Pub. L. 99–498, title XV, § 1518, Oct. 17, 1986, 100 Stat. 1609

   Source evidence

   Code source credit
   Pub. L. 99–498, title XV, § 1518, Oct. 17, 1986, 100 Stat. 1609

2. 1988

   Augustus F. Hawkins-Robert T. Stafford Elementary and Secondary School Improvement Amendments of 1988

   Pub. L. 100–297 § 5406(b)(1) · 102 Stat. 130

   Substituted · 20 U.S.C. § 4425(a)(1)

   Pub. L. 100–297, § 5406(b)(1), substituted “From amounts appropriated under section 4451(a) of this title, not more than $500,000” for “From the amount appropriated pursuant to section 4441(a) of this title, the Secretary shall make available to the Institute not more than $500,000 which”

   Source evidence

   Code amendment note
   Subsec. (a)(1). Pub. L. 100–297, § 5406(b)(1), substituted “From amounts appropriated under section 4451(a) of this title, not more than $500,000” for “From the amount appropriated pursuant to section 4441(a) of this title, the Secretary shall make available to the Institute not more than $500,000 which”.

   Enacted provision · exact public law section
   (1) by striking out “From the amount appropriated pursuant to section 1521(a), the Secretary shall make available to the Institute not more than $500,000 which” in subsection (a)(1) and and inserting in lieu thereof “From amounts appropriated under section 1531(a), not more than $500,000”, and

3. 1988

   Augustus F. Hawkins-Robert T. Stafford Elementary and Secondary School Improvement Amendments of 1988

   Pub. L. 100–297 § 5406(b)(2) · 102 Stat. 130

   1. Substituted · 20 U.S.C. § 4425(d)

      Pub. L. 100–297, § 5406(b)(2), in subsec. heading substituted “Payment of Federal contribution” for “Allocation of funds”

   2. Substituted · 20 U.S.C. § 4425(d)

      Pub. L. 100–297, § 5406(b)(2), in subsec. heading substituted “Amounts appropriated under section 4451(a) of this title for use under this section shall be paid by the Secretary of the Treasury to the Institute as” for “From the amount appropriated pursuant to section 4441(a) of this title, the Secretary shall allocate to the Institute an amount for”

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 100–297, § 5406(b)(2), in subsec. heading substituted “Payment of Federal contribution” for “Allocation of funds”, and in text substituted “Amounts appropriated under section 4451(a) of this title for use under this section shall be paid by the Secretary of the Treasury to the Institute as” for “From the amount appropriated pursuant to section 4441(a) of this title, the Secretary shall allocate to the Institute an amount for”.

   Enacted provision · exact public law section
   (2) by striking out “Allocation of Funds.—From the amount appropriated pursuant to section 1521(a), the Secretary shall allocate to the Institute an amount for” in subsection (d) and inserting in lieu thereof “Payment of Federal Contribu-tion.—Amounts appropriated under section 1531(a) for use under this section shall be paid by the Secretary of the Treasury to the Institute as”.

4. 1990

   Pub. L. 101–644 title V § 505 · 104 Stat. 4662

   1. Amended · 20 U.S.C. § 4425

      Pub. L. 101–644 amended section generally

   2. Substituted · 20 U.S.C. § 4425

      Pub. L. 101–644 substituting present provisions consisting of subsecs. (a) to (c) for former text which provided: in subsec. (a), establishment of program; in subsec. (b), use of funds; in subsec. (c), compliance with matching requirement; and in subsec. (d), payment of Federal contribution

   Source evidence

   Code amendment note
   Pub. L. 101–644 amended section generally, substituting present provisions consisting of subsecs. (a) to (c) for former text which provided: in subsec. (a), establishment of program; in subsec. (b), use of funds; in subsec. (c), compliance with matching requirement; and in subsec. (d), payment of Federal contribution.

   Enacted provision · exact public law section
   SEC. 505. ENDOWMENT PROGRAMS. Section 1518 of the American Indian, Alaska Native, and Native Hawaiian Culture and Art Development Act (20 U.S.C. 4425) is amended to read as follows: “SEC. 1518. ENDOWMENT PROGRAMS. “(a) Program Enhancement Endowment.— “(1) (A) From the total amount appropriated for this subsection pursuant to section 1531(a), funds may be deposited into a trust fund maintained by the Institute at a federally insured banking or savings institution. “(B) The President of the Institute shall provide— “(i) for the deposit into the trust fund referred to in subparagraph (A)— “(I) of a capital contribution by the Institute in an amount equal to the amount of each Federal contribution; and “(II) any earnings on the funds deposited under this paragraph; or “(ii) for the reservation for the sole use of the Institute of any noncash, in-kind contributions of real or personal property, which property may at any time be converted to cash, which shall be deposited as a capital contribution into the trust fund referred to in subparagraph (A). “(C) If at any time the Institute withdraws any capital contribution (as described in subparagraph (B)(i)) made by the Institute to the trust fund referred to in subparagraph (A) or puts any property (as described in subparagraph (B)(ii)) to a use which is not for the sole benefit of the Institute, an amount equal to the value of the Federal contribution shall be withdrawn from such trust fund and returned to the Treasury as miscellaneous receipts. “(2) Interest deposited into the trust fund pursuant to paragraph (1)(B)(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 Institute, including the expense of operations and maintenance, administration, academic and support personnel, community and student services programs, and technical assistance. “(3) For the purpose of complying with the contribution requirement of paragraph (1)(B), the Institute may use funds or in-kind contributions of real or personal property fairly valued which are made available from any private or tribal source, including interest earned by the funds invested under this subsection. In-kind contributions shall be other than fully depreciable property or property which is designated for addition to the permanent collection of the Museum and shall be 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 on-hand as of the date of enactment of this Act and which have been received after June 2, 1988, but which have not been included in computations under this provision shall be eligible for matching with Federal funds appropriated in any fiscal year. “(4) Amounts appropriated under section 1531(a) for use under this subsection shall be paid by the Secretary of the Treasury to the Institute as a Federal capital contribution equal to the amount of funds or the value of the in-kind contributions which the Institute demonstrates have been placed within the control of, or irrevocably committed to the use of, the Institute as a capital contribution of the Institute in accordance with this subsection. “(b) Capital Improvement Endowment.— “(1) In addition to the trust fund established under subsection (a), funds may be deposited into a trust fund maintained by the Institute at a federally insured banking or savings institution from the amount reserved for this subsection pursuant to sec-tion 1531(a) for the purpose of establishing a separate special endowment for capital improvement (hereafter in this subsection referred to as the ‘capital endowment fund’) to pay expenses associated with site selection and preparation, site planning and architectural design and planning, new construction, materials and equipment procurement, renovation, alteration, repair, and other building and expansion costs of the Institute. “(2) The President of the Institute shall provide for the deposit into the capital endowment fund of a capital contribution by the Institute in an amount equal to the amount of each Federal contribution and any earnings on amounts in the capital endowment fund. “(3) Funds deposited by the Institute as a match for Federal contributions under paragraph (5) shall remain in the capital endowment fund for a period of not less than two years. If at any time the Institute withdraws any capital contribution to the capital endowment fund before the funds have been deposited for this two-year period, an equal amount of the Federal contribution shall be withdrawn from the capital endowment fund and returned to the Treasury as miscellaneous receipts. At the end of the two-year period, the entire principal and interest of the funds deposited for this period, including the Federal matching portion, shall accrue, without reservation, to the Institute and may be withdrawn, in whole or in part, to defray expenses associated with capital acquisition and improvement of the Institute referred to in paragraph (1). “(4) For the purpose of complying with the contribution requirement of paragraph (2), the Institute may use funds which are available from any private or tribal source. “(5) Subject to paragraph (3), amounts appropriated under section 1531(a) for use under this subsection shall be paid by the Secretary of the Treasury to the Institute as a Federal capital contribution equal to the amount which the Institute demonstrates has been placed within the control of, or irrevocably committed to the use of, the Institute and is available for deposit as a capital contribution of the Institute in accordance with this subsection. “(c) General Administrative Provisions.— (1) Funds in the trust Investments. funds described in subsections (a) and (b) shall be invested at a rate not less than that generally available for similar funds deposited at the same banking institution for the same period or periods of time. “(2) No part of the net earnings of the trust funds established under this section shall inure to the benefit of any private person. “(3) The President of the Institute shall provide for such other Records. provisions governing the trust funds established under this section as may be necessary to protect the financial interest of the United States and to promote the purpose of this title as agreed to by the Secretary of the Treasury and the Board or its designee, including recordkeeping procedures for the investment of funds received under the trust fund established under subsection (b) and such other recordkeeping 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.”.

5. 1992

   Higher Education Amendments of 1992

   Pub. L. 102–325 § 1331(j)(1)(A) · 106 Stat. 448

   Substituted · 20 U.S.C. § 4425(a)(3)

   Pub. L. 102–325, § 1331(j)(1)(A), substituted “November 29, 1990” for “the date of enactment of this Act”

   Source evidence

   Code amendment note
   Subsec. (a)(3). Pub. L. 102–325, § 1331(j)(1)(A), substituted “November 29, 1990” for “the date of enactment of this Act”.

   Enacted provision · exact public law section
   (A) by striking “the date of enactment of this Act” and inserting “November 29, 1990”; and

   Effective date note
   Amendment by Pub. L. 102–325 effective Oct. 1, 1992, see section 2 of Pub. L. 102–325, set out as a note under section 1001 of this title.

6. 1992

   Higher Education Amendments of 1992

   Pub. L. 102–325 § 1331(j)(1)(B) · 106 Stat. 448

   Inserted · 20 U.S.C. § 4425(a)(3)

   Pub. L. 102–325, § 1331(j)(1)(B), inserted at end “All funds transferred to the Institute by the Secretary of the Treasury after June 2, 1988, shall be deemed to have been properly transferred as of July 23, 1992.”

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 102–325, § 1331(j)(1)(B), inserted at end “All funds transferred to the Institute by the Secretary of the Treasury after June 2, 1988, shall be deemed to have been properly transferred as of July 23, 1992.”

   Enacted provision · exact public law section
   (B) by inserting after the last sentence the following new sentence: “All funds transferred to the Institute by the Secretary of the Treasury after June 2, 1988, shall be deemed to have been properly transferred as of the date of enactment of the Higher Education Amendments of 1992.”;

   Effective date note
   Amendment by Pub. L. 102–325 effective Oct. 1, 1992, see section 2 of Pub. L. 102–325, set out as a note under section 1001 of this title.

7. 1992

   Higher Education Amendments of 1992

   Pub. L. 102–325 § 1331(j)(2) · 106 Stat. 448

   Inserted · 20 U.S.C. § 4425(b)(4)

   Pub. L. 102–325, § 1331(j)(2), inserted “, non-Federal governmental,” after “any private”

   Source evidence

   Code amendment note
   Subsec. (b)(4). Pub. L. 102–325, § 1331(j)(2), inserted “, non-Federal governmental,” after “any private”.

   Enacted provision · exact public law section
   (2) in subsection (b)(4), by inserting “, non-Federal governmental,” after “any private”; and

   Effective date note
   Amendment by Pub. L. 102–325 effective Oct. 1, 1992, see section 2 of Pub. L. 102–325, set out as a note under section 1001 of this title.

8. 1992

   Higher Education Amendments of 1992

   Pub. L. 102–325 § 1331(j)(3) · 106 Stat. 448

   1. Added · 20 U.S.C. § 4425(c)(3); 20 U.S.C. § 4425(c)(4)

      Pub. L. 102–325, § 1331(j)(3), added par. (3)

   2. Redesignated · 20 U.S.C. § 4425(c)(3); 20 U.S.C. § 4425(c)(4)

      Pub. L. 102–325, § 1331(j)(3), redesignated former par. (3) as (4)

   Source evidence

   Code amendment note
   Subsec. (c)(3), (4). Pub. L. 102–325, § 1331(j)(3), added par. (3) and redesignated former par. (3) as (4).

   Enacted provision · exact public law section
   (3) in subsection (c)— (A) by redesignating paragraph (3) as paragraph (4); and (B) by inserting after paragraph (2) the following new paragraph: “(3) Any amounts deposited in a trust fund authorized under subsection (a) may be used to secure loans procured for the purposes of constructing or improving Institute facilities.”.

   Effective date note
   Amendment by Pub. L. 102–325 effective Oct. 1, 1992, see section 2 of Pub. L. 102–325, set out as a note under section 1001 of this title.

9. 1994

   Improving America’s Schools Act of 1994

   Pub. L. 103–382 § 386(b)(1) · 108 Stat. 3518

   Added · 20 U.S.C. § 4425(b)(6)

   Pub. L. 103–382, § 386(b)(1), added par. (6)

   Source evidence

   Code amendment note
   Subsec. (b)(6). Pub. L. 103–382, § 386(b)(1), added par. (6).

   Enacted provision · exact public law section
   (1) in subsection (b), by adding at the end the following new paragraph: “(6) For the purpose of complying with the contribution requirement in this subsection, the Institute may use funds or in-kind contributions of real or personal property. For the purposes of this paragraph, all contributions, in-kind and real estate, which are held by the Institute beginning on November 29, 1990, and which were received after June 2, 1988, but which have not been included in their entirety in computations under this section shall be eligible for matching Federal funds appropriated in any year.”; and

10. 1994

    Improving America’s Schools Act of 1994

    Pub. L. 103–382 § 386(b)(2) · 108 Stat. 3518

    Amended · 20 U.S.C. § 4425(c)(1)

    Pub. L. 103–382, § 386(b)(2), amended par. (1) generally. Prior to amendment, par. (1) read as follows: “Funds in the trust funds described in subsections (a) and (b) of this section shall be invested at a rate not less than that generally available for similar funds deposited at the same banking institution for the same period or periods of time.”

    Source evidence

    Code amendment note
    Subsec. (c)(1). Pub. L. 103–382, § 386(b)(2), amended par. (1) generally. Prior to amendment, par. (1) read as follows: “Funds in the trust funds described in subsections (a) and (b) of this section shall be invested at a rate not less than that generally available for similar funds deposited at the same banking institution for the same period or periods of time.”

    Enacted provision · exact public law section
    (2) in subsection (c), by amending paragraph (1) to read as follows: “(1) Funds in the trust funds described in subsections (a) Securities. and (b) 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 and the regulations implementing such section (as such regulations were in effect at the time the funds are invested).”.

12 of 13 references resolved to an enrolled provision · 1 partial