Funds are to be used to establish endowments.
Interest earned on the invested funds may be used to defray expenditures associated with the operation of the College including maintenance, administration, academic and support costs, and community and student services programs. No part of the net earnings of the trust fund may be used to benefit any private person. Colleges chartered by federally recognized Indian tribes which are governed by an Indian board of directors, are in operation more than one year, admit students with a certificate of graduation from a secondary institution or equivalent, provide certificates, associate, baccalaureate and graduate degrees. Indian students who are a member of or are at least a one-fourth degree Indian blood descendant of a member of an Indian tribe which is eligible for the special programs and services provided by the United States through the Bureau of Indian Affairs to Indians because of their status as Indians. The headquarters office calculates the amount of the award and the grantee is notified by the Branch Chief of Post-Secondary Education.