[Congressional Record Volume 140, Number 2 (Wednesday, January 26, 1994)]
[Extensions of Remarks]
[Page E]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: January 26, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
             HOWARD UNIVERSITY ENDOWMENT AMENDMENTS OF 1994

                                 ______


                        HON. WILLIAM (BILL) CLAY

                              of missouri

                    in the house of representatives

                      Wednesday, January 26, 1994

  Mr. CLAY. Mr. Speaker, today, I am introducing the Howard University 
Endowment Amendments of 1994.
  This legislation will extend the authorization of the Howard 
University endowment program through fiscal year 1998.
  Although the general authorizing legislation allows for annual 
endowment funding and the Congress has already approved an 
appropriation for fiscal year 1994, reauthorizing and extending the 
Howard University endowment Act is needed because the statute 
delineates how the Department of Education will administer the 
endowment fund and provides details regarding matching, withdrawal, and 
expenditure, and investment requirements.
  The legislation specifically requires that the institution match of 
non-Federal funds to Federal endowment grants be: first, dollar-for-
dollar up to $1 million; second, $1 for each $2 Federal grant dollars 
between $1 million and $2 million; and third, $1 for each $3 Federal 
grant dollars above $2 million. This change to the match formula should 
provide incentives for increased non-Federal contributions to the 
Howard University endowment.
  The new language proposed in this legislation will help Howard 
University reduce its dependence on Federal appropriations and also 
provide an increased incentive for Howard to raise non-Federal funds 
for endowment.
  I urge my colleagues to support this vital measure.
  A section-by-section summary of the legislation follows:

             Howard University Endowment Amendments of 1994

       Section 2. Section 2 of the bill amends section 203(b) of 
     the Howard University Endowment Amendments of 1993 (20 U.S.C. 
     130aa et seq.; hereafter referred to as the ``Endowment Act'' 
     to require that the institutional match of non-Federal funds 
     to Federal endowment grants be dollar-for dollar up to 
     $1,000,000; one dollar for each two grant dollars between 
     $1,000,000 and $2,000,000; and one dollar for each three 
     grant dollars above $2,000,000.
       Section 3. Section 3 of the bill amends section 205(c) of 
     the Endowment Act to conform with the changes to the 
     endowment matching formula made by section 2 of the bill.
       Section 4. Section 4 of the bill amends section 207 of the 
     Endowment Act to authorize $3,441,000 in appropriations for 
     fiscal year 1994, and such sums as may be necessary for each 
     of the succeeding four fiscal years, to carry out the 
     Endowment Act.
       Section 5. Section 5 specifies that the bill take effect 
     upon enactment.

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