Sec. 3. To qualify for a matching grant from the fund, a state educational institution or a foundation must establish an endowment subject to the following criteria:
(1) The endowment must be created after July 1, 1990.
(2) Funds in the endowment must be solely dedicated for use in matching money granted from the fund.
(3) A donor to the endowment must restrict the gift for the sole purpose of generating income to attract and retain distinguished scholars.
(4) An institution or a foundation may not designate an unrestricted donation, endowment, or any other contribution made before July 1, 1990, to qualify for a matching grant.
[Pre-2007 Higher Education Recodification Citation: 20-12-69-8.]
As added by P.L.2-2007, SEC.279.
Structure Indiana Code
Article 38. State Educational Institutions: Personnel; Compensation; Benefits
Chapter 8. Indiana Excellence in Teaching Endowment
21-38-8-1. Indiana Excellence in Teaching Council; Establishment
21-38-8-2. Indiana Excellence in Teaching Endowment; Administration
21-38-8-4. Application for Matching Grants
21-38-8-5. Distribution of Endowment Funds; Considerations
21-38-8-6. Approval or Disapproval of Matching Funds