§ 1832. — Establishment of program; program agreements.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 25USC1832]
TITLE 25--INDIANS
CHAPTER 20--TRIBALLY CONTROLLED COLLEGE OR UNIVERSITY ASSISTANCE
SUBCHAPTER II--TRIBALLY CONTROLLED COLLEGE OR UNIVERSITY ENDOWMENT
PROGRAM
Sec. 1832. Establishment of program; program agreements
(a) From the amount appropriated pursuant to section 1836 of this
title, the Secretary shall establish a program of making endowment
grants to tribally controlled colleges or universities which are current
recipients of assistance under section 1807 of this title or under
section 640b of this title. No such college or university shall be
ineligible for such a grant for a fiscal year by reason of the receipt
of such a grant for a preceding fiscal year, but no such college or
university shall be eligible for such a grant for a fiscal year if such
college or university has been awarded a grant under section 1065 of
title 20 for such fiscal year.
(b) No grant for the establishment of an endowment fund by a
tribally controlled college or university shall be made unless such
college or university enters into an agreement with the Secretary
which--
(1) provides for the investment and maintenance of a trust fund,
the corpus and earnings of which shall be invested in the same
manner as funds are invested under paragraph (2) of section 1065(c)
of title 20, except that for purposes of this paragraph, the term
``trust fund'' means a fund established by an institution of higher
education or by a foundation that is exempt from taxation and is
maintained for the purpose of generating income for the support of
the institution, and may include real estate;
(2) provides for the deposit in such trust fund of--
(A) any Federal capital contributions made from funds
appropriated under section 1836 of this title;
(B) a capital contribution by such college or university in
an amount (or of a value) equal to half of the amount of each
Federal capital contribution; and
(C) any earnings of the funds so deposited;
(3) provides that such funds will be deposited in such a manner
as to insure the accumulation of interest thereon at a rate not less
than that generally available for similar funds deposited at the
banking or savings institution for the same period or periods of
time;
(4) provides that, if at any time such college or university
withdraws any capital contribution made by that college or
university, an amount of Federal capital contribution equal to twice
the amount of (or value of) such withdrawal shall be withdrawn and
returned to the Secretary for reallocation to other colleges or
universities;
(5) provides that no part of the net earnings of such trust fund
will inure to the benefit of any private person; and
(6) includes such other provisions as may be necessary to
protect the financial interest of the United States and promote the
purpose of this subchapter and as are agreed to by the Secretary and
the college or university, including a description of recordkeeping
procedures for the expenditure of accumulated interest which will
allow the Secretary to audit and monitor programs and activities
conducted with such interest.
(Pub. L. 95-471, title III, Sec. 302, as added Pub. L. 98-192, Sec. 13,
Dec. 1, 1983, 97 Stat. 1341; amended Pub. L. 101-477, Sec. 1(d)(1)(A),
(B), Oct. 30, 1990, 104 Stat. 1152, 1153; Pub. L. 103-382, title III,
Sec. 383, Oct. 20, 1994, 108 Stat. 4018; Pub. L. 105-244, title IX,
Sec. 901(b)(5)-(7), (12), (14), (15), Oct. 7, 1998, 112 Stat. 1828.)
Amendments
1998--Subsec. (a). Pub. L. 105-244, Sec. 901(b)(6), (7), substituted
``colleges or universities'' for ``community colleges'' and substituted
``such college or university'' for ``such college'' wherever appearing.
Subsec. (b). Pub. L. 105-244, Sec. 901(b)(5), (7), in introductory
provisions, substituted ``controlled college or university'' for
``controlled community college'' and ``such college or university'' for
``such college''.
Subsec. (b)(2)(B). Pub. L. 105-244, Sec. 901(b)(7), substituted
``such college or university'' for ``such college''.
Subsec. (b)(4). Pub. L. 105-244, Sec. 901(b)(7), (14), (15),
substituted ``such college or university'' for ``such college'', ``that
college or university'' for ``that college'', and ``other colleges or
universities'' for ``other colleges''.
Subsec. (b)(6). Pub. L. 105-244, Sec. 901(b)(12), substituted ``the
college or university'' for ``the college''.
1994--Subsec. (a). Pub. L. 103-382, Sec. 383(1), substituted
``section 1065 of title 20'' for ``section 1065a of title 20''.
Subsec. (b)(1). Pub. L. 103-382, Sec. 383(2)(A), amended par. (1)
generally. Prior to amendment, par. (1) read as follows: ``provides for
the establishment and maintenance of a trust fund at a federally insured
banking or savings institution;''.
Subsec. (b)(3). Pub. L. 103-382, Sec. 383(2)(B), struck out ``same''
before ``banking or savings institution''.
1990--Subsec. (b)(2)(B). Pub. L. 101-477, Sec. 1(d)(1)(A),
substituted ``(or of a value) equal to half of'' for ``equal to''.
Subsec. (b)(4). Pub. L. 101-477, Sec. 1(d)(1)(B), substituted ``an
amount of Federal capital contribution equal to twice the amount of (or
value of) such withdrawal'' for ``an equal amount of Federal capital
contribution''.
Effective Date of 1998 Amendment
Amendment by Pub. L. 105-244 effective Oct. 1, 1998, except as
otherwise provided in Pub. L. 105-244, see section 3 of Pub. L. 105-244,
set out as a note under section 1001 of Title 20, Education.
Effective Date of 1990 Amendment
Section 1(d)(2) of Pub. L. 101-477 provided that: ``The amendments
made by paragraphs (A) through (E) of subsection (a) [probably means
subpars. (A) to (E) of subsec. (d)(1), amending this section and
sections 1834 and 1835 of this title] shall take effect October 1,
1991.''
Section Referred to in Other Sections
This section is referred to in sections 1833, 1834, 1835 of this
title.
