25 U.S.C. § 2510 : US Code - Section 2510: The tribally controlled grant school endowment program

Search 25 U.S.C. § 2510 : US Code - Section 2510: The tribally controlled grant school endowment program

(a) In general
(1) Establishment
Each school receiving a grant under this chapter may establish,
at a federally insured financial institution, a trust fund for
the purposes of this section.
(2) Deposits and use
The school may provide -
(A) for deposit into the trust fund, only funds from non-
Federal sources, except that the interest on funds received
from grants provided under this chapter may be used for that
purpose;
(B) for deposit into the trust fund, any earnings on funds
deposited in the fund; and
(C) for the sole use of the school any noncash, in-kind
contributions of real or personal property, which may at any
time be used, sold, or otherwise disposed of.
(b) Interest
Interest from the fund established under subsection (a) of this
section may periodically be withdrawn and used, at the discretion
of the school, to defray any expenses associated with the operation
of the school consistent with the purposes of this Act.(!1)