Sec. 10a-143a. Endowment Fund for Charter Oak State College.
Sec. 10a-143a. Endowment Fund for Charter Oak State College. (a)(1) The
Board for State Academic Awards shall establish a permanent Endowment Fund for
Charter Oak State College to encourage donations from the private sector, with an incentive in the form of an endowment fund state grant, the net earnings on the principal of
which are dedicated and made available to Charter Oak State College for scholarships
and programmatic enhancements. The fund shall be administered by the Board for State
Academic Awards or by a nonprofit entity entrusted for such purpose and qualified
as a Section 501(c)(3) organization under the Internal Revenue Code of 1986, or any
subsequent corresponding internal revenue code of the United States, as from time to
time amended, and preferably constituted and controlled independent of the state and
college so as to qualify the interest on state bonds the proceeds of which have been
granted for deposit in the endowment fund as excludable from federal taxation under
such code and shall, in any event, be held in a trust fund separate and apart from all
other funds and accounts of the state and the Board for State Academic Awards. There
shall be deposited into the fund: (A) Endowment fund eligible gifts; (B) endowment
fund state grants; and (C) interest or other earnings from the investment of moneys in
the endowment fund pending transfer or use of earnings on the principal of the fund for
the purposes identified in this subdivision.
(2) (A) For each of the fiscal years ending June 30, 2000, to June 30, 2006, inclusive, as part of the state contract with donors of endowment fund eligible gifts, the
Department of Higher Education, in accordance with section 10a-8b, shall deposit in
the Endowment Fund for Charter Oak State College a grant in an amount equal to half
of the total amount of endowment fund eligible gifts received by or for the benefit of
Charter Oak State College for the calendar year ending the December thirty-first preceding the commencement of such fiscal year, as certified by the chairperson of the Board
for State Academic Awards by February fifteenth to (i) the Secretary of the Office of
Policy and Management, (ii) the joint standing committee of the General Assembly
having cognizance of matters relating to appropriations and the budgets of state agencies,
and (iii) the Commissioner of Higher Education, provided such sums do not exceed the
endowment fund state grant maximum commitment for the fiscal year in which the grant
is made.
(B) For each of the fiscal years ending June 30, 2007, to June 30, 2014, inclusive,
as part of the state contract with donors of endowment fund eligible gifts, the Department
of Higher Education, in accordance with section 10a-8b, shall deposit in the Endowment
Fund for Charter Oak State College a grant in an amount equal to one-quarter of the
total amount of endowment fund eligible gifts, except as provided in this subdivision,
received by or for the benefit of Charter Oak State College for the calendar year ending
the December thirty-first preceding the commencement of such fiscal year, as certified
by the chairperson of the Board for State Academic Awards by February fifteenth to (i)
the Secretary of the Office of Policy and Management, (ii) the joint standing committee
of the General Assembly having cognizance of matters relating to appropriations and
the budgets of state agencies, and (iii) the Commissioner of Higher Education, provided
such sums do not exceed the endowment fund state grant maximum commitment for
the fiscal year in which the grant is made. Endowment fund eligible gifts that meet the
criteria set forth in this subdivision, made by donors during the period from January 1,
2005, to June 30, 2005, shall continue to be matched by the Department of Higher
Education in an amount equal to one-half of the total amount of endowment fund eligible
gifts received. Commitments by donors to make endowment fund eligible gifts for two
or more years that meet the criteria set forth in this subdivision and that are made for
the period prior to December 31, 2004, but ending before December 31, 2012, shall
continue to be matched by the Department of Higher Education in an amount equal to
one-half of the total amount of endowment fund eligible gifts received through the
commitment.
(C) In any such fiscal year in which the total of the eligible gifts received by Charter
Oak State College exceeds the endowment fund state grant maximum commitment for
such fiscal year the amount in excess of such endowment fund state grant maximum
commitment shall be carried forward and be eligible for a matching state grant in any
succeeding fiscal year from the fiscal year ending June 30, 2000, to the fiscal year
ending June 30, 2014, inclusive, subject to the endowment fund state grant maximum
commitment. Any endowment fund eligible gifts that are not included in the total amount
of endowment fund eligible gifts certified by the chairperson of the Board for State
Academic Awards pursuant to this subdivision may be carried forward and be eligible
for a matching state grant in any succeeding fiscal year from the fiscal year ending June
30, 2000, to the fiscal year ending June 30, 2014, inclusive, subject to the endowment
fund state matching grant maximum commitment for such fiscal year.
(3) The Board for State Academic Awards shall adopt, by October 1, 1997, guidelines with respect to (A) the solicitation of endowment fund eligible gifts from private
donors, and (B) governing the acceptance of gifts made by a foundation established
pursuant to sections 4-37e and 4-37f, to Charter Oak State College or its employees for
reimbursement of expenditures or payment of expenditures on behalf of Charter Oak
State College or its employees. Private donations shall not be construed to include proceeds of municipal grants.
(b) For the purposes of this section: (1) "Endowment fund eligible gift" means a
gift to or for the benefit of Charter Oak State College of cash or assets which may be
reduced to cash or which has a value that is ascertainable by such college which the
donor has specifically designated for deposit in the endowment fund or which explicitly
or implicitly by the terms of the gift Charter Oak State College may and does deposit
or permit to be deposited in the endowment fund. (2) "Endowment fund state grant"
means moneys that are transferred by the Department of Higher Education from the
fund established pursuant to section 10a-8b to the endowment fund established pursuant
to this section in an aggregate amount not exceeding the endowment fund state grant
maximum commitment. (3) "Endowment fund state grant maximum commitment"
means an amount not exceeding one hundred thousand dollars for each fiscal year from
the fiscal year ending June 30, 2000, to the fiscal year ending June 30, 2014, inclusive.
(c) Notwithstanding the endowment fund state grant maximum commitment level
provided for each fiscal year pursuant to subsection (b) of this section, the total of the
endowment fund state grant maximum commitments for the fiscal years ending June
30, 2000, to June 30, 2014, inclusive, shall not exceed nine hundred thousand dollars.
(P.A. 97-293, S. 2, 26; P.A. 98-252, S. 30, 49, 80; P.A. 01-141, S. 13, 16; June Sp. Sess. P.A. 05-3, S. 66; P.A. 06-135,
S. 10.)
History: P.A. 97-293 effective July 1, 1997; P.A. 98-252 amended Subsec. (a)(1) to add provision for the fund to be
administered by a nonprofit entity and to make technical changes and amended Subsec. (a)(2) to allow gifts not included
in the amount certified by the chairperson to be carried forward and be eligible for a matching state grant in a succeeding
fiscal year, effective July 1, 1998; P.A. 01-141 extended the program to the fiscal year ending June 30, 2014, in Subsec.
(a)(2), applied the limit in Subsec. (b)(3) to the extension and added Subsec. (c) re $900,000 cap, effective July 1, 2001
(Revisor's note: In Subsec. (b)(1), "endowment funds" was changed editorially by the Revisors to "endowment fund" for
consistency); June Sp. Sess. P.A. 05-3 amended Subsec. (a)(2) by designating existing language re match in an amount
equal to half as new Subpara. (A) and amended same to provide for match terminating with the fiscal year ending June
30, 2006, and by redesignating Subparas. (A) to (C) as clauses (i) to (iii), by adding new Subpara. (B) re match in an
amount equal to one quarter and by designating existing language re eligible gifts in excess of state grant maximum
commitment as new Subpara. (C), effective July 1, 2005; P.A. 06-135 amended Subsec. (a)(2)(B) by adding provisions
re endowment fund eligible gifts made during the period from January 1, 2005, to June 30, 2005, effective July 1, 2006.
See Sec. 10a-8c re restrictions on appropriations.