HBCU Money™ Histronomics: S.2510 – Howard University Endowment Act


Howard_University_seal

Sponsor: Dan Quayle (R-IN) – Introduced March 30, 1984

Summary:

Howard University Endowment Act – Authorizes the Secretary of Education to establish an endowment program for Howard University. Authorizes the Secretary, from funds available in any fiscal year for the University, to make grants into the endowment fund established under this Act at the University. Authorizes the Secretary to enter into agreements with the University, including provisions necessary to assure that the purposes of this Act will be achieved.

Requires the University, in order to receive such a grant, to: (1) deposit in the endowment fund an amount equal to such grant; and (2) administer the endowment fund in accordance with the requirements of this Act. Prohibits the source of funds for such institutional match from including Federal funds or funds derived from an existing endowment fund.

Limits the period of any such grant to 20 years. Prohibits the University from withdrawing or expending any of its endowment fund corpus during such grant period. Allows the University, upon expiration of such period, to use the endowment fund corpus plus any endowment fund income for any educational purpose.

Sets forth requirements for investments of the endowment fund corpus and endowment fund income.

Sets forth provisions relating to authorized withdrawals and expenditures of endowment fund income.

Sets forth provisions for enforcement of requirements under this Act.

Makes conforming amendments to specified Federal law relating to Howard University.

Source: Congress.gov

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