SF0184 - Community college endowment fund-2.
2001 |
State of Wyoming |
01LSO-0648 |
SENATE FILE NO. SF0184
Community college endowment fund-2.
Sponsored by: Senator(s) Anderson, J., Boggs and Vasey and
Representative(s)
Hageman, Nagel, Nelson and
Parady
A BILL
for
1 AN ACT relating to the
community college endowment
2 challenge
fund; establishing the endowment fund; providing
3 for
separate accounts for each community college; defining
4
terms; imposing conditions and limitations; establishing a
5
matching program based upon gifts received by each
6
college's foundation; providing an appropriation; and
7
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 21-16-904 are
12 created to read:
13
14 ARTICLE 9
15 WYOMING COMMUNITY COLLEGE ENDOWMENT CHALLENGE PROGRAM
16
Page 1
1 21-16-901. Wyoming community college
endowment
2 challenge program.
3
4 The Wyoming community
college endowment challenge program
5
is created.
6
7 21-16-902. Definitions.
8
9 (a) As used in this article:
10
11 (i) "Challenge
fund" means the community college
12 endowment challenge fund created under this
article;
13
14 (ii) "Endowment
gift" means an irrevocable gift
15 or transfer to a Wyoming community college
foundation of
16 money or other property, whether real,
personal, tangible
17 or intangible, and whether or not the donor
or transferor
18 retains an interest in the property, where
the gift or the
19 foundation's interest in the property is
required to be
20 used by the foundation exclusively for
endowment purposes,
21 where:
22
Page 2
1 (A) The gift
was received or the transfer
2
occurred during the period July 1, 2001, through June 30,
3
2006; or
4
5 (B) A
commitment to make the gift or
6
transfer was made in writing to the respective community
7
college foundation, which commitment was received during
8 the
period July 1, 2001, through June 30, 2006, and the
9
gift was received or the transfer occurred not later than
10 December 31, 2007.
11
12 (iii) "Foundation"
means an organization
13 established for each community college that
among other
14 purposes, exists to generate additional
revenues for
15 community college programs and activities;
16
17 (iv) "Permanent
endowment funds managed by a
18 Wyoming community college foundation"
means the endowment
19 funds that are invested by the respective
Wyoming community
20 college foundation on a permanent basis and
the earnings on
21 those investments are dedicated to be
expended exclusively
22 to benefit and promote the mission,
operation or any
23 program or activity of the respective
community college,
24 including but not limited to professorships
and student
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1
scholarships, increases to the corpus of the endowment and
2
defraying reasonable costs of endowment administration.
3
4 21-16-903. Wyoming community college
endowment
5 challenge fund.
6
7 (a) The Wyoming
community college endowment challenge
8
fund is created and shall consist of seven (7) separate
9
accounts, one (1) account for each Wyoming community
10 college.
11
12 (b) The state
treasurer shall invest funds within the
13 fund created under subsection (a) of this
section and shall
14 deposit the earnings from fund investments
to the general
15 fund.
16
17 21-16-904. Endowment challenge fund
matching program;
18 matching payments; agreements with foundations; annual
19 reports.
20
21 (a) To the
extent funds are available in the separate
22 account of any community college within the
endowment
23 challenge fund, the state treasurer shall
match endowment
24 gifts actually received by that community
college's
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1
foundation. A match shall be paid under this subsection by
2 the
state treasurer at the time any accumulated amounts
3
actually received by a community college foundation total
4 ten
thousand dollars ($10,000.00) or more. The match shall
5 be
made by transferring from the separate challenge fund
6 account to the appropriate community college an amount
7
equal to the amount accumulated by its foundation. The
8
recipient community college shall immediately transfer
9
matching funds received under this subsection to the
10 community college foundation.
11
12 (b) Each
community college district shall enter into
13 an agreement with its foundation under which
the foundation
14 shall manage the matching funds received
under subsection
15 (a) of this section in the same manner as
other permanent
16 endowment funds are managed by its
foundation, including
17 the permanent investment of funds,
maintenance of the fund
18 corpus as inviolate and the expenditure of
fund earnings
19 for endowment purposes only.
20
21 (c) Earnings
from endowment funds established with
22 matching funds under this section shall be
expended only
23 for the purpose of the endowment, including
increasing the
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1
balance in the fund corpus and reasonable costs of
2
administration.
3
4 (d) The state
treasurer shall make transfers to the
5
appropriate community college under this section not later
6
than the end of the calendar quarter following the quarter
7
during which foundation gifts total at least ten thousand
8
dollars ($10,000.00). If gifts are made through a series of
9
payments or transfers, no matching funds shall be
10 transferred under this section until the
total value of all
11 payments or transfers actually received
totals at least ten
12 thousand dollars ($10,000.00).
13
14 (e) Matching
funds paid under this section shall not
15 be distributed to or encumbered by any
community college
16 foundation in excess of the amount in the
challenge fund
17 account for that college. Matching funds
shall not be
18 transferred to any community college by the
state treasurer
19 except to match gifts actually received by
its foundation.
20
21 (f) If the
president of any community college
22 determines that the purpose of an endowment
gift to its
23 foundation is not consistent with the
mission or capability
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1 of
that college, the gift shall not qualify as matching
2
funds under this section.
3
4 (g) For the
purpose of computing the matching amount,
5 the
state treasurer shall use the value of an endowment
6
gift based upon its fair market value at the time the gift
7 is
received by the community college foundation. The
8
community college shall provide evidence of fair market
9
value for any gift if requested by the state treasurer and
10 shall fund the cost of providing any
requested evidence.
11
12 (h) Each
community college shall on or before October
13 1 of each year submit a report to the state
treasurer from
14 its foundation on the endowment matching
program under this
15 section for the preceding fiscal year. The
report shall
16 include a financial summary and a review of
the
17 accomplishments resulting from endowment
program
18 expenditures. The report required under this
subsection
19 shall be for each applicable fiscal year
through June 30,
20 2008.
21
23
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1 (a) Thirty-five
million dollars ($35,000,000.00) is
2
appropriated from the general fund to the community college
3
endowment challenge fund as created under section 1 of this
4
act. Notwithstanding any other provision of law, any
5
unexpended funds from the amount appropriated under this
6
subsection shall revert to the budget reserve account on
7
July 1, 2008.
8
9 (b) The amount
appropriated into the challenge fund
10 under subsection (a) of this section shall
be equally
11 deposited into each of the seven (7)
separate accounts
12 created within the fund pursuant to section
1 of this act.
13
14 Section 3. This act is effective July 1, 2001.
15
16 (END)
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