34 CFR §692.113

1. (a)The matching funds of a partnership—
   1. (1)Shall be funds used for making LEAP Grants to eligible students under this subpart;
   2. (2)May be—
      1. (i)Cash; or
      2. (ii)A noncash, in-kind contribution that—
         1. (A)Is fairly evaluated;
         2. (B)Has monetary value, such as a tuition waiver or provision of room and board, or transportation;
         3. (C)Helps a student meet the cost of attendance at an institution of higher education; and
         4. (D)Is considered to be estimated financial assistance under 34 CFR 673.5(c); and
   3. (3)May be funds from the State, institutions of higher education, or philanthropic organizations or private corporations that are used to make LEAP Grants under GAP.
2. (b)The non-Federal match of the Federal allotment shall be—
   1. (1)Forty-three percent of the expenditures under this subpart if a State applies for a GAP allotment in partnership with—
      1. (i)Any number of degree-granting institutions of higher education in the State whose combined full-time enrollment represents less than a majority of all students attending institutions of higher education in the State as determined by the Secretary using the most recently available data from IPEDS; and
      2. (ii)One or both of the following—
         1. (A)Philanthropic organizations that are located in, or that provide funding in, the State; or
         2. (B)Private corporations that are located in, or that do business in, the State; and
   2. (2)Thirty-three and thirty-four one-hundredths percent of the expenditures under this subpart if a State applies for a GAP allotment in partnership with—
      1. (i)Any number of degree-granting institutions of higher education in the State whose combined full-time enrollment represents a majority of all students attending institutions of higher education in the State as determined by the Secretary using the most recently available data from IPEDS; and
      2. (ii)One or both of the following—
         1. (A)Philanthropic organizations that are located in, or that provide funding in, the State; or
         2. (B)Private corporations that are located in, or that do business in, the State.
3. (c)Nothing in this part shall be interpreted as limiting a State or other member of a partnership from expending funds to support the activities of a partnership under this subpart that are in addition to the funds matching the Federal allotment.