§ 1057. Program purpose
(a)
General authorization
The Secretary shall carry out a program, in accordance with this part, to improve the academic quality, institutional management, and fiscal stability of eligible institutions, in order to increase their self-sufficiency and strengthen their capacity to make a substantial contribution to the higher education resources of the Nation.
(b)
Grants awarded; special consideration
(1)
From the sums available for this part under section
1068h
(a)(1) of this title, the Secretary may award grants to any eligible institution with an application approved under section
1068 of this title in order to assist such an institution to plan, develop, or implement activities that promise to strengthen the institution.
(2)
Special consideration shall be given to any eligible institution—
(A)
which has endowment funds (other than any endowment fund built under section
1065 of this title as in effect on September 30, 1986, and under part B of this subchapter) the market value of which, per full-time equivalent student, is less than the average current market value of the endowment funds, per full-time equivalent student (other than any endowment fund built under section
1065 of this title as in effect on September 30, 1986, and under part B of this subchapter) at similar institutions; or
(c)
Authorized activities
Grants awarded under this section shall be used for 1 or more of the following activities:
(1)
Purchase, rental, or lease of scientific or laboratory equipment for educational purposes, including instructional and research purposes.
(2)
Construction, maintenance, renovation, and improvement in classrooms, libraries, laboratories, and other instructional facilities, including the integration of computer technology into institutional facilities to create smart buildings.
(3)
Support of faculty exchanges, faculty development, and faculty fellowships to assist in attaining advanced degrees in the field of instruction of the faculty.
(5)
Purchase of library books, periodicals, and other educational materials, including telecommunications program material.
(6)
Tutoring, counseling, and student service programs designed to improve academic success, including innovative, customized, instruction courses designed to help retain students and move the students rapidly into core courses and through program completion, which may include remedial education and English language instruction.
(7)
Education or counseling services designed to improve the financial literacy and economic literacy of students or the students’ families.
(8)
Funds management, administrative management, and acquisition of equipment for use in strengthening funds management.
(10)
Establishing or improving a development office to strengthen or improve contributions from alumni and the private sector.
(12)
Creating or improving facilities for Internet or other distance education technologies, including purchase or rental of telecommunications technology equipment or services.
(13)
Other activities proposed in the application submitted pursuant to subsection (b) and section
1068 of this title that—
(d)
Endowment fund
(1)
In general
An eligible institution may use not more than 20 percent of the grant funds provided under this part to establish or increase an endowment fund at such institution.
(2)
Matching requirement
In order to be eligible to use grant funds in accordance with paragraph (1), the eligible institution shall provide matching funds from non-Federal sources, in an amount equal to or greater than the Federal funds used in accordance with paragraph (1), for the establishment or increase of the endowment fund.