20 USC 80g-1 – Hubert H. Humphrey Fellowship in Social and Political Thought
(a) Establishment in Center
There is hereby established in the Center a Hubert H. Humphrey Fellowship in Social and Political Thought.
(b) Selection of Humphrey Fellow; term; compensation
Terms Used In 20 USC 80g-1
- Bequest: Property gifted by will.
- Devise: To gift property by will.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Public debt: Cumulative amounts borrowed by the Treasury Department or the Federal Financing Bank from the public or from another fund or account. The public debt does not include agency debt (amounts borrowed by other agencies of the Federal Government). The total public debt is subject to a statutory limit.
Each year the Board shall select a distinguished scholar, statesman, or cultural figure, from the United States or abroad, to serve at the Center for a period of up to one year as the Hubert H. Humphrey Fellow in Social and Political Thought (hereinafter in this section referred to as the “Humphrey Fellow”). Each Humphrey Fellow shall receive compensation in an amount, determined by the Board, not to exceed the annual income of the trust fund established under subsection (d).
(c) Functions of Humphrey Fellow; publication and dissemination by Board of Memorial Lectures
Each Humphrey Fellow shall—
(1) deliver a Hubert H. Humphrey Memorial Lecture; and
(2) carry out such projects and work as are consistent with the Humphrey Fellowship.
The Board shall provide for the publication and dissemination of the Hubert H. Humphrey Memorial Lectures.
(d) Hubert H. Humphrey Fellowship Trust Fund; establishment, composition, investments, etc.
(1) There is hereby established in the Treasury of the United States a trust fund to be known as the Hubert H. Humphrey Fellowship Trust Fund (hereinafter in this section referred to as the “fund”). The Secretary of the Treasury shall deposit in the fund such sums as may be appropriated to the fund under subsection (f) and shall receive into the Treasury and deposit into the fund such sums as may be received as contributions to the fund.
(2) The Secretary of the Treasury shall invest amounts in the fund in public debt securities with maturities suitable for the needs of the fund and bearing interest at prevailing market rates; and the interest on such investments shall be credited to and form a part of the fund.
(3) Notwithstanding section 80g(a)(2) of this title any gift, bequest, or devise of money, securities or other property for the benefit of the Hubert H. Humphrey Fellowship in Social and Political Thought received by the Board shall, upon receipt, be deposited into the fund as provided by paragraph (1).
(e) Payments to Board from investments for implementation of Fellowship purposes
The Secretary of the Treasury shall pay to the Board from amounts received as interest on investments under subsection (d)(2) such sums as the Board determines are necessary and appropriate for the purposes of the Humphrey Fellowship.
(f) Authorization of appropriations
There is authorized to be appropriated to the fund for the fiscal year beginning October 1, 1978, $1,000,000.