29 USC 1907 - Helen Keller National Center Federal Endowment Fund

U.S Code last checked for updates: May 08, 2024

§ 1907.

Helen Keller National Center Federal Endowment Fund

(a)

Establishment

(b)

Federal payments

(1)

In general

(2)

Amount of payment

(c)

Investments

(1)

In general

(2)

Limitations

(A)

Federally insured investments and other investments

(B)

Real estate

(C)

Conflict of interest

(D)

Encumbrances

(d)

Withdrawals and expenditures

(1)

In general

(2)

Operational and commercial expenses

(A)

In general

(B)

Limitation

(3)

Limitations and waiver of limitations

(A)

In general

(B)

Exception

The Secretary may permit the Center to withdraw or expend more than 50 percent of its total aggregate endowment income where the Center demonstrates to the Secretary’s satisfaction that such withdrawal or expenditure is necessary because of—

(i)

a financial emergency, such as a pending insolvency or temporary liquidity problem;

(ii)

a life-threatening situation occasioned by a natural disaster or arson; or

(iii)

another unusual occurrence or exigent circumstance.

(e)

Reporting requirements

(1)

Financial records

(2)

Audit and report

(A)

Audit

(B)

Report

(3)

Annual report

(f)

Recovery of payments

After notice and an opportunity for a hearing, the Secretary is authorized to recover any Federal payments made under this section if the Helen Keller National Center—

(1)

makes a withdrawal or expenditure from the Endowment Fund corpus or income which is not consistent with the provisions of this section;

(2)

fails to comply with the investment standards and limitations under this section; or

(3)

fails to account properly to the Secretary concerning the investment of or expenditures from the Endowment Fund corpus or income.

(g)

Definitions

For the purposes of this section:

(1)

Endowment fund

(2)

Endowment Fund corpus

(3)

Endowment Fund income

(h)

Authorization of appropriations

(Pub. L. 98–221, title II, § 208, as added Pub. L. 102–569, title IX, § 907, Oct. 29, 1992, 106 Stat. 4483; amended Pub. L. 105–220, title IV, § 412(b), Aug. 7, 1998, 112 Stat. 1241.)

cite as: 29 USC 1907