Maryland Code, Economic Development § 6-618

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) Except as provided in § 6-619 of this subtitle, the Authority shall make available no more than 25% of cumulative program funds from the Fund to a single nonprofit institution of higher education to match qualified donations.

(b) A nonprofit institution of higher education seeking a distribution of matching funds from the Fund shall first obtain qualified donations in an amount equal to the amount of matching funds requested for distribution and shall submit a request to the Authority.

(1) the amount requested for distribution to the nonprofit institution of higher education in accordance with subsection (a) of this section;

(2) the amount of qualified donations designated for use in requesting the distribution of matching funds from the Fund;

(3) an explanation of how the proposed use satisfies the criteria for eligible uses of endowment proceeds under § 6-614 of this subtitle;

(4) an explanation of how the proposed use of the endowment proceeds furthers the purposes of this subtitle and addresses the research needs of the institution as identified in the research plan; and

(5) a designation of the applicable research endowment into which the requested matching funds are to be deposited.

(d) The Authority shall review each request for distribution of matching funds from the Fund for compliance with the provisions of this subtitle and Department regulations.

(e) If the Authority approves the request of a nonprofit institution of higher education, the Authority shall distribute matching funds to the applicable research endowment in an amount equal to the amount of qualified donations.

Previous Part of Code Next Part of Code

Back to Chapter List

Cite this article: FindLaw.com - Maryland Code, Economic Development § 6-618 - last updated January 01, 2025 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-6-618/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Did FindLaw Help You Understand This Legal Issue?

Make It a Preferred Google Search Source

Add to Google

Latest Blog Posts

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)