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Maryland Code, Economic Development § 6-619

Current as of December 31, 2021 | Updated by FindLaw Staff

(a) Within 90 days after approval by the Authority of a request for matching funds under § 6-618 of this subtitle, each nonprofit institution of higher education shall deposit an amount of qualified donations equal to or greater than the total amount of funds allocated for distribution to the nonprofit institution of higher education in accordance with § 6-618 of this subtitle.

(b) If a nonprofit institution of higher education fails to have deposited into its research endowments the required amount of qualified donations as required under subsection (a) of this section, any portion of the funds allocated to the institution that has not been distributed shall be reallocated to another nonprofit institution of higher education in accordance with this subtitle.

(c)(1) This subsection applies to a nonprofit institution of higher education that anticipates that the institution will not receive the entire amount of a qualified donation on which the institution intends to rely for purposes of requesting matching funds from the Authority before the end of the fiscal year in which the research endowment plan is approved.

(2) Except for the type of funds set forth in § 6-613(c)(2), (3), and (4) of this subtitle, a nonprofit institution of higher education may deposit available funds from other sources within the nonprofit institution of higher education into the research endowment for purposes of satisfying the 90-day deposit requirement in subsection (a) of this section if the nonprofit institution of higher education has disclosed the following information in the research endowment plan approved by the Authority:

(i) the intent of the nonprofit institution of higher education to rely on the other funds;

(ii) the source of the other funds; and

(iii) other information the Authority may have requested regarding other funds at the time of its consideration of the approved research endowment plan.

(d) If the Authority fails to allocate the funds in the Fund under this subtitle and a nonprofit institution of higher education has previously received 25% of cumulative program funds from the Fund, the Authority may distribute additional funds to the nonprofit institution in accordance with this subtitle.

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Cite this article: FindLaw.com - Maryland Code, Economic Development § 6-619 - last updated December 31, 2021 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-6-619/

Read this complete Maryland Code, Economic Development § 6-619 on Westlaw

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