(a) Private donations and pledges to a research endowment meet the criteria for designation
as a qualified donation or qualified pledge under the following conditions:
(1) The donation or pledge is expressly and specifically restricted by the donor for
one or more of the eligible uses designated in section six of this article; however,
nothing in this subdivision prohibits a participating institution from designating
unrestricted gifts or bequests, or any portion thereof, for use as a qualified donation;
(2) The individual donation or pledge is a minimum of fifty thousand dollars or is
bundled with other qualified donations or qualified pledges to meet the fifty thousand-dollar
(3) Donations or pledges may be accepted from individuals, partnerships, associations,
public and private for-profit and nonprofit corporations and nongovernmental foundations.
(b) The following may not be included as a qualified donation or a qualified pledge:
(1) Any donation or pledge received by a participating institution or its affiliated
research corporation or foundation prior to the effective date of this article;
(2) Educational and general fees, auxiliary fees or other student fees generated by
the participating institution;
(3) Proceeds from promissory notes, bonds, loans or other instruments evidencing an
indebtedness or any other obligation of repayment by the governing board to the maker
of the instrument;
(4) Any moneys or assets, other than qualified donations or qualified pledges, received
from the participating institution's affiliated research corporation or foundation;
(5) Any other moneys received from the state or federal government.
(c) The president of each participating institution or his or her designee shall make
the initial determination of whether a donation or pledge meets the criteria for qualified
donations or qualified pledges as set forth in this section. The president shall also provide a report to the governing board at least once each
fiscal year regarding the amount of qualified donations and qualified pledges the
participating institution has received.
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