EQUITY IN EDUCATIONAL LAND-GRANT STATUS ACT OF 1994.

SEC. 7402. EQUITY IN EDUCATIONAL LAND-GRANT STATUS ACT OF 1994.(a) Definition of 1994 Institutions.—Section 532 of the Equity in Educational Land-Grant Status Act of 1994 (7 U.S.C. 301 note; Public Law 103–382) is amended by adding at the end the following:“(34) Ilisagvik College.”.(b) Endowment for 1994 Institutions.—Section 533 of the Equity in Educational Land-Grant Status Act of 1994 (7 U.S.C. 301 note; Public Law 103–382) is amended—(1) in subsection (a)(3), in the matter preceding subparagraph (A), by inserting “this section and” before “sections 534,”; and(2) in the first sentence of subsection (b), by striking “2007” and inserting “2012”.(c) Redistribution.—Section 534(a)(3) of the Equity in Educational Land-Grant Status Act of 1994 (7 U.S.C. 301 note; Public Law 103–382) is amended—(1) by striking “The amounts” and inserting the following:“(A) In general.—Except as provided in subparagraph (B), the amounts”; and(2) by adding at the end the following:“(B) Redistribution.—Funds that would be paid to a 1994 Institution under paragraph (2) shall be withheld from that 1994 Institution and redistributed among the other 1994 Institutions if that 1994 Institution—“(i) declines to accept funds under paragraph (2); or“(ii) fails to meet the accreditation requirements under section 533(a)(3).”.(d) Institutional Capacity Building Grants.—Section 535 of the Equity in Educational Land-Grant Status Act of 1994 (7 U.S.C. 301 note; Public Law 103–382) is amended by striking “2007” each place it appears and inserting “2012”.(e) Research Grants.—Section 536(c) of the Equity in Educational Land-Grant Status Act of 1994 (7 U.S.C. 301 note; Public Law 103–382) is amended in the first sentence by striking “2007” and inserting “2012”.(f) Effective Date.—The amendment made by subsection (a) takes effect on October 1, 2008.