Schools
(a) Schools. (1) Only schools meeting the statutory definition of elementary school or secondary school as defined in 54.1700, and not excluded under paragraph (a)(2) or (3) of this section shall be eligible for support under this subpart. (2) Schools operating as for-profit businesses shall not be eligible for support under this subpart. (3) Schools with endowments exceeding $50,000,000 shall not be eligible for support under this subpart.