Code of Federal Regulations Title 34. Education § 34.628.3 Under what conditions may an eligible institution designate a foundation as the recipient of an endowment challenge grant?

(a) The institution assures the Secretary in its application that the foundation is legally authorized to receive the endowment fund corpus and to administer the endowment fund in accordance with the regulations in this part;

(b) The foundation agrees to administer the endowment fund in accordance with the regulations in this part;  and

(c) The institution agrees to be liable for any violation by the foundation of any applicable regulation, including any violation resulting in monetary liability.