Endowment challenge grants

For the purpose of this section: The term “eligible institution” means an institution that is an— The Secretary may make a grant under this part to an eligible institution in any fiscal year if the institution— The Secretary shall not award a grant to a foundation on behalf of an institution unless— An institution receiving a grant under this section shall provide to the Secretary (or a designee thereof) such information (or access thereto) as may be necessary to audit or examine expenditures made from the endowment fund corpus or income in order to determine compliance with this section. In selecting eligible institutions for grants under this section for any fiscal year, the Secretary shall— consider— 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, including a description of the long- and short-term plans for raising and using the funds under this part. 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. After notice and an opportunity for a hearing, the Secretary may terminate and recover a grant awarded under this section if the grantee institution— The Secretary, directly or by grant or contract, may provide technical assistance to eligible institutions to prepare the institutions to qualify, apply for, and maintain a grant, under this section.