§2510 — Title 25 Indians | U.S. Code

Summary

A school that gets a grant under this law can open a trust at a federally insured bank. Only money from non‑Federal sources can be put into the trust, except the interest earned on grant money under this law can go in. The trust can also hold any earnings from the account and noncash donations like land or equipment, which the school can use or sell. The school can take out the interest from the trust from time to time and spend it to help pay the school’s operating costs that fit the purposes of the law.

Title 25, §2510

Indians — Source: USLM XML via OLRC

(a)(1)Each school receiving a grant under this chapter may establish, at a federally insured financial institution, a trust fund for the purposes of this section.

(2)The school may provide—

(A)for deposit into the trust fund, only funds from non-Federal sources, except that the interest on funds received from grants provided under this chapter may be used for that purpose;

(B)for deposit into the trust fund, any earnings on funds deposited in the fund; and

(C)for the sole use of the school any noncash, in-kind contributions of real or personal property, which may at any time be used, sold, or otherwise disposed of.

(b)Interest from the fund established under subsection (a) may periodically be withdrawn and used, at the discretion of the school, to defray any expenses associated with the operation of the school consistent with the purposes of this Act.11 See References in Text note below.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This Act, referred to in subsec. (b), is Pub. L. 100–297 and probably should be “this part”, meaning part B of title V of Pub. L. 100–297, known as the Tribally Controlled Schools Act of 1988, which is classified generally to this chapter. For complete classification of part B to the Code, see

Short Title

note set out under section 2501 of this title and Tables.

Prior Provisions

A prior section 2510, Pub. L. 100–297, title V, § 5211, Apr. 28, 1988, 102 Stat. 394, related to

Regulations

, prior to repeal by Pub. L. 107–110, title X, § 1043, Jan. 8, 2002, 115 Stat. 2063. See section 2509 of this title.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective Jan. 8, 2002, except with respect to certain noncompetitive programs and competitive programs, see section 5 of Pub. L. 107–110, set out as a note under section 6301 of Title 20, Education.

§2510 The tribally controlled grant school endowment program