§ 116-41.16. Distinguished Professors Endowment Trust Fund; contribution commitments.
§ 116‑41.16. Distinguished Professors Endowment Trust Fund; contribution commitments.
(a) For constituentinstitutions other than focused growth institutions and special needsinstitutions, contributions may also be eligible for matching if there is:
(1) A commitment to makea donation of at least six hundred sixty‑six thousand dollars ($666,000),as prescribed by G.S. 143C‑4‑5, and an initial payment of onehundred eleven thousand dollars ($111,000) to receive a grant described in G.S.116‑41.15(a)(1); or
(2) A commitment to makea donation of at least three hundred thirty-three thousand dollars ($333,000),as prescribed by G.S. 143C‑4‑5, and an initial payment of fifty‑fivethousand five hundred dollars ($55,500) to receive a grant described in G.S.116‑41.15(a)(2); or
(3) A commitment to makea donation in excess of six hundred sixty‑six thousand dollars($666,000), as prescribed by G.S. 143‑31.4 [G.S. 143C‑4‑5],and an initial payment of one‑sixth of the committed amount to receive agrant described in G.S. 116‑41.15(a)(3); and if the initial payment isaccompanied by a written pledge to provide the balance within five years afterthe date of the initial payment. Each payment on the balance shall be no lessthan the amount of the initial payment and shall be made on or before theanniversary date of the initial payment. Pledged contributions may not bematched prior to the actual collection of the total funds. Once the income fromthe institution's Distinguished Professors Endowment Trust Fund can be effectivelyused pursuant to G.S. 116‑41.17, the institution shall proceed toimplement plans for establishing an endowed chair.
(b) For focused growthinstitutions and special needs institutions, contributions may also be eligiblefor matching if there is:
(1) A commitment to makea donation of at least five hundred thousand dollars ($500,000), as prescribedby G.S. 143C‑4‑5, and an initial payment of eighty‑threethousand three hundred dollars ($83,300) to receive a grant described in G.S.116‑41.5(b)(1); or
(2) A commitment to makea donation of at least two hundred fifty thousand dollars ($250,000), asprescribed by G.S. 143C‑4‑5, and an initial payment of forty‑onethousand six hundred dollars ($41,600) to receive a grant described in G.S. 116‑41.15(b)(2);or
(3) A commitment to makea donation in excess of five hundred thousand dollars ($500,000), as prescribedby G.S. 143‑31.4 [G.S. 143C‑4‑5], and an initial payment ofone‑sixth of the committed amount to receive a grant described in G.S.116‑41.15(b)(3);
and if the initial payment isaccompanied by a written pledge to provide the balance within five years afterthe date of the initial payment. Each payment on the balance shall be no lessthan the amount of the initial payment. Pledged contributions may not bematched prior to the actual collection of the total funds. Once the income fromthe institution's Distinguished Professors Endowment Trust Fund can beeffectively used pursuant to G.S. 116‑41.17, the institution shallproceed to implement plans for establishing an endowed chair. (1985, c. 757, s. 202; 2003‑293,s. 3; 2005‑276, s. 9.21(b); 2006‑203, s. 50.)