34 CFR §628.41

1. (a)An institution that the Secretary selects to receive an endowment challenge grant shall—
   1. (1)Enter into an agreement with the Secretary to administer the endowment challenge grant;
   2. (2)Establish an endowment fund independent of any other endowment fund established by or for that institution;
   3. (3)Deposit its matching funds in the endowment fund established under this part;
   4. (4)Upon receipt, immediately deposit the grant funds into the endowment fund established under this part; and
   5. (5)Within fifteen working days after receiving the grant funds, invest the endowment fund corpus.
2. (b)Before the Secretary disburses grant funds and not later than a date established by the Secretary through a notice in the Federal Register (which date may not be later than the earlier of the last day of availability of appropriations or eighteen months after an institution has been notified that it has been selected to receive a grant), an institution shall—
   1. (1)Match, with cash or low-risk securities, the endowment challenge grant funds to be received under this part;
   2. (2)Certify to the Secretary—
      1. (i)The source, kind and amount of the eligible matching funds;
      2. (ii)That the matching funds are eligible under paragraph (b)(1) of this section and § 628.42; and
   3. (3)Have a certified public accountant or other licensed public accountant, who is not an employee of the institution, certify that the data contained in the application is accurate.
3. (c)
   1. (1)For the purpose of paragraph (b)(1) of this section, “cash” may include cash on hand, certificates of deposit and money market funds; and
   2. (2)A negotiable security, to be considered as part of the institution's match—
      1. (i)Must be low-risk as required in § 628.43; and
      2. (ii)Must be assessed at its market value as of the end of the trading day on the date the institution deposits the security into the endowment fund established under this part.