§692.113. What are the matching requirements for the GAP Program?
34 C.F.R. § 692.113
The matching funds of a partnership—
Shall be funds used for making LEAP Grants to eligible students under this subpart;
May be—
Cash; or
A noncash, in-kind contribution that—
Is fairly evaluated;
Has monetary value, such as a tuition waiver or provision of room and board, or transportation;
Helps a student meet the cost of attendance at an institution of higher education; and
Is considered to be estimated financial assistance under 34 CFR 673.5(c); and
May be funds from the State, institutions of higher education, or philanthropic organizations or private corporations that are used to make LEAP Grants under GAP.
The non-Federal match of the Federal allotment shall be—
Forty-three percent of the expenditures under this subpart if a State applies for a GAP allotment in partnership with—
Any number of degree-granting institutions of higher education in the State whose combined full-time enrollment represents less than a majority of all students attending institutions of higher education in the State as determined by the Secretary using the most recently available data from IPEDS; and
One or both of the following—
Philanthropic organizations that are located in, or that provide funding in, the State; or
Private corporations that are located in, or that do business in, the State; and
Thirty-three and thirty-four one-hundredths percent of the expenditures under this subpart if a State applies for a GAP allotment in partnership with—
Any number of degree-granting institutions of higher education in the State whose combined full-time enrollment represents a majority of all students attending institutions of higher education in the State as determined by the Secretary using the most recently available data from IPEDS; and
One or both of the following—
Philanthropic organizations that are located in, or that provide funding in, the State; or
Private corporations that are located in, or that do business in, the State.
Nothing in this part shall be interpreted as limiting a State or other member of a partnership from expending funds to support the activities of a partnership under this subpart that are in addition to the funds matching the Federal allotment.
Notes, amendments, and revision history
Source
Source: 74 FR 55952, Oct. 29, 2009, unless otherwise noted.
Authority
Authority: 20 U.S.C. 1070c-1070c-4, unless otherwise noted.
Source
Source: 52 FR 45433, Nov. 27, 1987, unless otherwise noted.