Bill No.: HB0155 Drafter: DKG

 

LSO No.: 09LSO-0346 Effective Date: 7/1/2009

 

Enrolled Act No.: HEA0033

 

Chapter No.: 52

 

Prime Sponsor: Representative Harshman

 

Catch Title: Higher education matching funds.

 

Subject: Removing various time limitations for donation periods for "challenge" endowment funds at institutions of higher education.

 

Summary/Major Elements:

 

         Over the past few sessions the legislature has established various "challenge" or matching funds academic and athletic endowment accounts for the University and community colleges.

 

         When these were established the legislature limited the periods in which donations were required to be made as well as required to be received. Those donation periods have been extended in the past.

 

         This bill removes various donation periods, other than requiring that the donation be received after specified dates.

 

         In accordance with that action, rather than a specified date deadline for receiving the donation, the bill requires that the donation be received within five years of when the commitment was made to donate.

 

         The funds in state matching accounts were to lapse at times corresponding to the prior deadlines for receiving funds; with removal of those deadlines now the funds will not lapse until the legislature acts.

 

         The bill also repeals statutes relating to fully expended matching funds accounts.

 

Comments:

 

Contains delayed repeal date the lapse of various matching account funds is delayed until the legislature takes affirmative action to revert the funds.