SF0180 - Wyoming endowment challenge program.
|
2001 |
State of Wyoming |
01LSO-0637 |
SENATE FILE NO. SF0180
Wyoming endowment challenge program.
Sponsored by: Senator(s) Schiffer and Representative(s)
Hageman
A BILL
for
1 AN ACT relating to the
Wyoming endowment challenge program;
2 establishing
the endowment fund; providing for separate
3
accounts for the University of Wyoming and each Wyoming
4
community college; defining terms; establishing a matching
5
fund program administered by the state treasurer based upon
6
gifts received by each institution's foundation; providing
7 an
appropriation; and providing for an effective date.
8
9 Be It Enacted by the Legislature of the State of Wyoming:
10
11 Section 1. W.S. 21-16-901 through 21-16-905
are
12 created to read:
13
14 ARTICLE 9
15 WYOMING ENDOWMENT CHALLENGE PROGRAM
16
Page 1
1 21-16-901. Wyoming endowment challenge program.
2
3 The Wyoming endowment challenge program is created.
4
5 21-16-902. Definitions.
6
7 (a) As used in this article:
8
9 (i) "Challenge
fund" means the Wyoming challenge
10 fund created under this article;
11
12 (ii) "Endowment
gift" means an irrevocable gift
13 or transfer to the University of Wyoming
foundation or any
14 Wyoming community college foundation of
money or other
15 property, whether real, personal, tangible
or intangible,
16 and whether or not the donor or transferor
retains an
17 interest in the property, where the gift or
the
18 foundation's interest in the property is
required to be
19 used by the foundation exclusively for
endowment purposes,
20 where:
21
22 (A) If for the
University of Wyoming
23 foundation, the gift was received or the
transfer occurred
24 during the period July 1, 2000, through June
30, 2005, or
Page 2
1 if
for a Wyoming community college foundation, the gift was
2
received or the transfer occurred during the period July 1,
3
2001, through June 30, 2006; or
4
5 (B) A
commitment to make the gift or
6
transfer was made in writing to:
7
8 (I) The
university foundation, which
9
commitment was received during the period July 1, 2000,
10 through June 30, 2005, and the gift was
received or the
11 transfer occurred not later than sixty (60)
calendar months
12 following the calendar month in which the
commitment was
13 received;
14
15 (II) A community
college foundation,
16 which commitment was received during the
period July 1,
17 2001, through June 30, 2006, and the gift
was received or
18 the transfer occurred not later than
December 31, 2007.
19
20 (iii) "Foundation"
means an organization
21 established for each community college that
among other
22 purposes, exists to generate additional
revenues for
23 community college programs and activities.
"Foundation"
24 also means the University of Wyoming
foundation;
Page 3
1
2 (iv) "Permanent
endowment funds managed by the
3
University of Wyoming foundation" or "permanent endowment
4
funds managed by a Wyoming community college foundation"
5
means the endowment funds that are invested by the
6
University of Wyoming foundation or by the respective
7
Wyoming community college foundation on a permanent basis
8 and
the earnings on those investments are dedicated to be
9
expended exclusively to benefit and promote the mission,
10 operation or any program or activity of the
university or
11 the respective community college, including
but not limited
12 to professorships and student scholarships,
increases to
13 the corpus of the endowment and defraying
reasonable costs
14 of endowment administration;
15
16 (v) "Substantial
university endowment gift"
17 means an endowment gift to the University of
Wyoming
18 foundation of a total fair market value of
at least fifty
19 thousand dollars ($50,000.00).
20
21 21-16-903. Wyoming endowment challenge fund.
22
23 (a) The Wyoming
endowment challenge fund is created
24 and shall consist of eight (8) separate
accounts, one (1)
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1
account for the University of Wyoming and one (1) for each
2 of
the seven (7) Wyoming community colleges.
3
4 (b) The state
treasurer shall invest amounts
5
deposited within the fund created under subsection (a) of
6
this section and shall deposit the earnings from fund
7 investments to the general fund.
8
9 21-16-904. University endowment
challenge fund
10 matching fund program; matching payments; agreements with
11 university foundation; annual reports.
12
13 (a) To the
extent amounts are available within the
14 separate challenge account within the
endowment challenge
15 fund for the university established under
W.S.
16 21-16-904(a), the state treasurer shall
match each
17 substantial endowment gift actually received
by the
18 University of Wyoming foundation by
transferring from the
19 separate challenge account to the university
an amount
20 equal to the amount of the substantial
endowment gift. The
21 university shall immediately transfer all
matching funds
22 received under this subsection to the
university
23 foundation.
24
Page 5
1 (b) The
university shall enter into an agreement with
2 the
University of Wyoming foundation under which the
3
foundation shall manage the matching funds it receives in
4 the
same manner as other permanent endowment funds managed
5 by
the foundation, including permanently investing the
6
funds, holding the corpus inviolate and expending earnings
7
only for endowment purposes.
8
9 (c) The state
treasurer shall make transfers to the
10 university under this section not later than
the end of the
11 calendar quarter following the quarter
during which the
12 substantial endowment gift is received. If a
gift is made
13 through a series of payments or transfers,
no matching
14 funds shall be transferred by the state
treasurer until the
15 total value of all payments or transfers
actually received
16 totals the amount required to qualify under
W.S.
17 21-16-902(a)(v). Upon reaching the qualification
amount,
18 matching funds shall be transferred as
payments or
19 transfers are received by the foundation.
20
21 (d) The state
treasurer shall distribute or encumber
22 funds to match a substantial endowment gift
in the order in
23 which each gift is received by the
university foundation or
24 in which a written commitment to make a
substantial
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1
endowment gift is received by the foundation. In no event
2
shall matching funds be distributed or encumbered by the
3
state treasurer under this section in excess of the amount
4 in
the account nor shall funds be transferred to the
5
university except to match gifts actually received. The
6
state treasurer shall rescind any encumbrance made under
7
this section if the university determines any donor will
8 not
make a substantial endowment gift to qualify under W.S.
9 21-16-902(a)(v).
10
11 (e) Any gift
shall not qualify under this section if
12 the president of the University of Wyoming
determines that
13 the purpose of any substantial endowment
gift is not
14 consistent with the mission or capability of
the
15 university.
16
17 (f) For
purposes of computing the matching amount
18 under this section, the state treasurer
shall use the value
19 of a substantial endowment gift based upon
the gift's fair
20 market value at the time the gift is
received by the
21 university foundation. The university shall
provide
22 evidence of fair market value for any gift
if requested by
23 the state treasurer and shall fund the cost
of providing
24 the requested evidence.
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1
2 (g) The
university shall on or before October 1 of
3
each year, submit a report to the state treasurer from the
4
university foundation regarding the matching program
5
established under this section for the preceding fiscal
6
year. The report shall include a financial summary and a
7
review of the accomplishments resulting from expenditures
8
from the separate endowment account. The report required
9 under
this subsection shall be for each fiscal year through
10 June 30, 2010.
11
12 21-16-905. Community college endowment
challenge fund
13 matching program; matching payments; agreements with
14 foundations; annual reports.
15
16 (a) To the
extent funds are available in the separate
17 endowment account of any community college
within the
18 endowment challenge fund established under
W.S.
19 21-16-903(a), the state treasurer shall
match endowment
20 gifts actually received by that community
college's
21 foundation. A match shall be paid under this
subsection by
22 the state treasurer at that time any
accumulated amounts
23 actually received by a community college
foundation total
24 ten thousand dollars ($10,000.00) or more.
The match shall
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1 be
made by transferring from the separate challenge fund
2
account to the appropriate community college an amount
3
equal to the amount accumulated by its foundation. The
4
recipient community college shall immediately transfer
5
matching funds received under this subsection to the
6
community college foundation.
7
8 (b) Each
community college district shall enter into
9 an
agreement with its foundation under which the foundation
10 shall manage the matching funds received
under subsection
11 (a) of this section in the same manner as
other permanent
12 endowment funds are managed by its
foundation, including
13 the permanent investment of funds,
maintenance of the fund
14 corpus as inviolate and the expenditure of
fund earnings
15 for endowment purposes only.
16
17 (c) Earnings
from endowment funds established with
18 matching funds under this section shall be
expended only
19 for the purpose of the endowment, including
increasing the
20 balance in the fund corpus and reasonable
costs of
21 administration.
22
23 (d) The state
treasurer shall make transfers to the
24 appropriate community college under this
section not later
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1
than the end of the calendar quarter following the quarter
2
during which foundation gifts total at least ten thousand
3
dollars ($10,000.00). If gifts are made through a series of
4
payments or transfers, no matching funds shall be
5
transferred under this section until the total value of all
6
payments or transfers actually received totals at least ten
7
thousand dollars ($10,000.00).
8
9 (e) Matching
funds paid under this section shall not
10 be distributed to or encumbered by any
community college
11 foundation in excess of the amount in the
challenge fund
12 account for that college. Matching funds
shall not be
13 transferred to any community college by the
state treasurer
14 except to match gifts actually received by
its foundation.
15
16 (f) If the
president of any community college
17 determines that the purpose of an endowment
gift to its
18 foundation is not consistent with the
mission or capability
19 of that college, the gift shall not qualify
as matching
20 funds under this section.
21
22 (g) For the
purpose of computing the matching amount,
23 the state treasurer shall use the value of
an endowment
24 gift based upon its fair market value at the
time the gift
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1 is
received by the community college foundation. The
2 community
college shall provide evidence of fair market
3
value for any gift if requested by the state treasurer and
4
shall fund the cost of providing any requested evidence.
5
6 (h) Each
community college shall on or before October
7 1
of each year submit a report to the state treasurer from
8 its
foundation on the endowment matching program under this
9
section for the preceding fiscal year. The report shall
10 include a financial summary and a review of
the
11 accomplishments resulting from endowment
program
12 expenditures. The report required under this
subsection
13 shall be for each applicable fiscal year
through June 30,
14 2008.
15
17
18 (a) Sixty-five
million dollars ($65,000,000.00) is
19 appropriated from the general fund to the
Wyoming endowment
20 challenge fund as created under section 1 of
this act.
21
22 (b) The amount
appropriated into the endowment
23 challenge fund under subsection (a) of this
section shall
24 be deposited by the state treasurer as
follows:
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1
2 (i) Thirty
million dollars ($30,000,000.00) into
3 the
separate endowment challenge fund account established
4 for
the University of Wyoming. Notwithstanding any other
5
provision of law, any unexpended funds from the amount
6
deposited under this paragraph shall revert to the budget
7
reserve account on July 1, 2010;
8
9 (ii) Thirty-five
million dollars
10 ($35,000,000.00) equally deposited into each
of the seven
11 (7) separate endowment challenge fund
accounts established
12 for the Wyoming community colleges pursuant
to section 1 of
13 this act. Notwithstanding any other
provision of law, any
14 unexpended funds from the amounts deposited
under this
15 paragraph shall revert to the budget reserve
account on
16 July 1, 2008.
17
18 Section 3. This act is effective July 1, 2001.
19
20 (END)
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