The associated foundations that serve the respective universities shall solicit and receive contributions, from sources other than state appropriations, student fees, federal funds, research grants and any interest earned thereon, to provide funds to match the Alabama Trust Fund for Eminent Scholars challenge grants for the establishment of endowments for chairs within the universities. The amount appropriated to the Alabama Trust Fund for Eminent Scholars shall be allocated by the Alabama Commission on Higher Education to each university on the basis of one $400,000.00 grant for each $600,000.00 raised by the respective university's foundation, by contributions and accrued interest thereon, from sources other than the state appropriations, student fees, federal funds, research grants, and any interest earned thereon.
Structure Code of Alabama
Chapter 61 - Trust Fund for Eminent Scholars.
Section 16-61-1 - Legislative Intent.
Section 16-61-2 - Establishment; Administration; Funding.
Section 16-61-3 - Raising Funds; Allocation of Matching Funds.
Section 16-61-4 - Challenge Grant Money; Accounting Methods.
Section 16-61-7 - Establishment of Endowed Chair.
Section 16-61-8 - Selection Process for Individual to Fill Endowed Chair; Use of Endowment Proceeds.
Section 16-61-9 - Foundation to Enter Into Agreement With University.
Section 16-61-10 - Provisions Apply to Future Appropriations.