CFR > Title 34 - Education > SUBTITLE B—Regulations of the Offices of the Department of Education > CHAPTER VI—OFFICE OF POSTSECONDARY EDUCATION, DEPARTMENT OF EDUCATION (parts 600 to 694) > PART 628—ENDOWMENT CHALLENGE GRANT PROGRAM > SUBPART E—What Conditions Must a Grantee Meet Under the Endowment Challenge Grant Program? (§628.40 to §628.48) > 628.46—How shall a grantee calculate the amount of endowment fund income that it may withdraw and spend?

628.46—How shall a grantee calculate the amount of endowment fund income that it may withdraw and spend?

A grantee shall calculate the amount of endowment fund income that it may withdraw and spend at a particular time as follows:
(a) On each date that the grantee plans a withdrawal of income, it must—
(1) Determine the value of endowment fund income by subtracting the endowment fund corpus from the current total value of the endowment fund on that date; and
(2) Calculate the amount of endowment fund income previously withdrawn from the endowment fund.
(b) If the value of endowment fund income in the endowment fund exceeds the aggregate amount of previously withdrawn endowment fund income, the grantee may withdraw and spend up to 50 percent of that excess fund income.

Code of Federal Regulations

(Authority: 20 U.S.C. 1065 )

Code of Federal Regulations

[49 FR 28521, July 21, 1984, as amended at 52 FR 11258, Apr. 8, 1987]