Page:United States Statutes at Large Volume 108 Part 5.djvu/557

 PUBLIC LAW 103-382—OCT. 20, 1994 108 STAT. 4047 ance through the provision of academic support services and scholarship assistance for the pursuit of postsecondary education. SEC. 625. GRANT AGREEMENT AND REQUIREMENTS. (a) IN GENERAL. — The Secretary shall award the endowment grant described in section 524(b) pursuant to an agreement between the Secretary and the national organization. Such agreement shall— (1) require the national organization to establish an endowment fund in the amount of the grant, the corpus of which shall remain intact and the interest income from which shall be used to support the activities described in paragraphs (2) and (3); (2) require the national organization to use 25 percent of the interest income from the endowment fund in any fiscal year to provide scholarships for students from low-income families, which scholarships shall be matched on a doUar-for-doUar basis from funds raised by local affiliated chapters; (3) require the national organization to use 75 percent of the interest income from the endowment fund in any fiscal year to support the establishment or ongoing work of area program centers to enable such centers to work with local communities to establish local affiliated chapters in high-poverty areas and provide ongoing technical assistance, training workshops, and other activities to help ensure the ongoing success of the local affiliated chapters; (4) require the area program centers supported by the national organization to give priority to establishing local affiliated chapters that serve high-poverty areas; (5) require the national organization to submit, in each Reports, fiscal year in which such organization uses the interest from the endowment fund, a report to the Secretary that contains— (A) a description of the programs and activities supported by the interest on the endowment fund; (B) the audited financial statement of the national organization for the preceding fiscal year; (C) a plan for the programs and activities to be supported from the interest on the endowment fund during the five succeeding fiscal years; (D) an evaluation of the programs and activities supported by the interest on the endowment fund as the Secretary may require; and (E) data indicating the number of students from lowincome families who received scholarships from local affiliated chapters, and the amounts of such scholarships; (6) contain such assurances as the Secretary may require with respect to the management and operation of the endowment fund; (7) require that, in order to continue using the interest from the endowment fund, the national organization will meet the continuing eligibility requirements described in section 526; and (8) contain an assurance that if the Secretary determines that such organization is not in substantial compliance with the provisions of this part, then the national organization shall pay to the Secretary an amount equal to the corpus of the endowment fund plus any accrued interest on such fund that

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