Page:United States Statutes at Large Volume 100 Part 2.djvu/200

 100 STAT. 1302

PUBLIC LAW 99-498—OCT. 17, 1986

"(1) give priority to an applicant which is a recipient of a grant made under part A or B of this title during the academic year in which the applicant is applying for a grant under this section; "(2) give priority to an applicant with a greater need for such a grant, based on the current market value of the applicant's existing endowment in relation to the number of full-time equivalent students enrolled at such institution; and "(3) consider— "(A) the effort made by the applicant to build or maintain its existing endowment fund; and "(B) the degree to which an applicant proposes to match the grant with nongovernmental funds. "(g) APPLICATION.—Any institution which is eligible for assistance under this section may submit to the Secretary a grant application at such time, in such form, and containing such information as the Secretary may prescribe. Subject to the availability of appropriations to carry out this section and consistent with the requirement of subsection (f), the Secretary may approve an application for a grant if an institution, in its application, provides adequate assurances that it will comply with the requirements of this section. "(h) TERMINATION AND RECOVERY PROVISIONS.—(1) After notice and an opportunity for a hearing, the Secretary may terminate and recover a grant awarded under this section if the grantee institution— "(A) expends portions of the endowment fund corpus or expends more than the permissible amount of the endowment funds income as prescribed in subsection (c)(3); "(B) fails to invest the endowment fund in accordance with the investment standards set forth in subsection (c)(2); or "(C) fails to properly account to the Secretary concerning the investment and expenditures of the endowment funds. "(2) If the Secretary terminates a grant under paragraph (1), the grantee shall return to the Secretary an amount equal to the sum of each original grant under this section plus income earned thereon. The Secretary may use such repaid funds to make additional endowment grants, or to increase existing challenge grants, to other eligible institutions under this part. "PART D—GENERAL PROVISIONS "APPLICATIONS FOR ASSISTANCE

20 USC 1066.

Grants.

351. (a) APPLICATION REQUIRED; APPROVAL.—Any institution which is eligible for assistance under this title shall submit to the Secretary an application for assistance at such time, in such form, and containing such information, as may be necessary to enable the Secretary to evaluate its need for assistance. Subject to the availability of appropriations to carry out this title, the Secretary may approve an application for a grant under this title if the application meets the requirements of subsection (b) and shows that the applicant is eligible for assistance in accordance with the part of this title under which the assistance is sought. "(b) CONTENTS.—An institution, in its application for a grant, shall— "(1) set forth, or describe how the institution (other than an - institution applying under part C) will develop, a comprehen"SEC.

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