View all text of Subchapter VII [§ 3241 - § 3243]
§ 3243. Hispanic-serving agricultural colleges and universities
(a) Definition of endowment fund
(b) Endowment
(1) In general
(2) Agreements
(3) Deposit to the endowment fund
The Secretary of the Treasury shall deposit in the endowment fund any—
(A) amounts made available through Acts of appropriations, which shall be the endowment fund corpus; and
(B) interest earned on the endowment fund corpus.
(4) Investments
(5) Withdrawals and expenditures
(A) Corpus
(B) Withdrawals
On September 30, 2008, and each September 30 thereafter, the Secretary of the Treasury shall withdraw the amount of the income from the endowment fund for the fiscal year and warrant the funds to the Secretary of Agriculture who, after making adjustments for the cost of administering the endowment fund, shall distribute the adjusted income as follows:
(i) 60 percent shall be distributed among the Hispanic-serving agricultural colleges and universities on a pro rata basis based on the Hispanic enrollment count of each institution.
(ii) 40 percent shall be distributed in equal shares to the Hispanic-serving agricultural colleges and universities.
(6) Endowments
(7) Authorization of appropriations
(c) Authorization for annual payments
(1) In general
For fiscal year 2008 and each fiscal year thereafter, there are authorized to be appropriated to the Department of Agriculture to carry out this subsection an amount equal to the product obtained by multiplying—
(A) $80,000; by
(B) the number of Hispanic-serving agricultural colleges and universities.
(2) Payments
For fiscal year 2008 and each fiscal year thereafter, the Secretary of the Treasury shall pay to the treasurer of each Hispanic-serving agricultural college and university an amount equal to—
(A) the total amount made available by appropriations under paragraph (1); divided by
(B) the number of Hispanic-serving agricultural colleges and universities.
(3) Use of funds
(A) In general
(B) Relationship to other law
(d) Institutional capacity-building grants
(1) In general
(2) Criteria for institutional capacity-building grants
(A) Requirements for grants
(B) Demonstration of need
(i) In general
(ii) Other sources of funding
(C) Payment of non-Federal share
(3) Authorization of appropriations
(e) Competitive grants program
(1) In general
The Secretary shall establish a competitive grants program—
(A) to fund fundamental and applied research and extension at Hispanic-serving agricultural colleges and universities in agriculture, human nutrition, food science, bioenergy, and environmental science; and
(B) to award competitive grants to Hispanic-serving agricultural colleges and universities to provide for training in the food and agricultural sciences of Hispanic agricultural workers and Hispanic youth working in the food and agricultural sciences.
(2) Authorization of appropriations
(Pub. L. 95–113, title XIV, § 1456, as added Pub. L. 110–234, title VII, § 7129(a), May 22, 2008, 122 Stat. 1224, and Pub. L. 110–246, § 4(a), title VII, § 7129(a), June 18, 2008, 122 Stat. 1664, 1985; amended Pub. L. 113–79, title VII, § 7116, Feb. 7, 2014, 128 Stat. 875.)