§ 16-72-3 - Allocation and administration of grants – Capital projects.
SECTION 16-72-3
§ 16-72-3 Allocation and administration ofgrants – Capital projects. – (a) For the duration of the program, each institution of public highereducation shall be eligible to receive one-third (1/3) of the funds estimatedto be available by the director of administration. Provided, in no instanceshall amounts allocated by the board of governors exceed those estimated to beavailable by the director of administration. The amount allocated to theinstitutions by the board of governors for higher education shall be in thefollowing manner: Each institution which raises contributions for capitalprojects of no less than one hundred fifty thousand dollars ($150,000) eachshall receive a matching grant equal to thirty-three percent (33%) of theprivate contribution for each and every contribution.
(b) For the purposes of determining the amount of a matchinggrant, multiple grants from a single individual, corporation, or foundationwithin a twelve (12) month period shall be matched at the total amount of thecontribution made for the purposes of this section. Each institution'sfoundation shall establish its own Rhode Island capital fund as a depositoryfor private contributions and state matching funds as provided in this section.State matching funds shall be transferred to an institutional foundation uponnotification that the institution has received and deposited a proportionateamount specific in this section.
(c) The foundation serving the institution shall have theresponsibility for the maintenance and investment of its capital fund and forthe administration of the program for the institution. The government board ofeach foundation shall be responsible for assisting in the solicitation of giftsand for receiving gifts to be used as funds to be deposited and matched withinthe challenge grants for the establishment of the capital fund for eachinstitution. Each foundation shall include in its annual report to the board ofgovernors for higher education information concerning collection and investmentof donations and matching grants of the capital fund.