(1) The State Board of Higher Education shall encourage gifts to the institutions by faithfully devoting such funds to the institution for which intended. All gifts and donations received are appropriated to be used in accordance with the terms of the gift. Such gifts shall be placed by the State Treasurer to the credit of a separate fund to be known as the Higher Education Donation Fund, separate and distinct from the General Fund.
(2) Subject to the terms of the gift, such gifts to the Department of Higher Education may be invested by the State Treasurer. The State Treasurer shall credit to the Higher Education Donation Fund any interest or other income derived from the investment of such fund.
(3) The interest, income, dividends or profits received on any property or funds of the Department of Higher Education derived from gifts, legacies, devises, bequests or endowments are continuously appropriated to the use, maintenance and support of the Department of Higher Education in the same manner as the principal or corpus of each such gift or donation in accordance with the terms of the gift.
(4) As used in this section, “gifts” includes funds donated to the Department of Higher Education to which by agreement the donor receives consideration in return for the gift or retains a reversionary interest but does not include grant or contract funds received from government sources. [Amended by 1987 c.102 §2; 1989 c.966 §34; 1995 c.110 §1]Section: Previous 351.097 351.100 351.105 351.110 351.115 351.117 351.120 351.130 351.140 351.150 351.153 351.155 351.160 351.165 351.170 Next
Last modified: August 7, 2008