The state matching gifts authorized in Section 59-118-70 are subject to the following conditions:
(1) qualifying disbursements to which the state matching gift is applied must come from the earnings of the endowment and not from principal or corpus;
(2) the state matching funds must go directly into the college's or university's operating account to be spent only for the purposes authorized;
(3) the college or university must make application to receive state matching funds on forms and under procedures prescribed by the Commission on Higher Education.
HISTORY: 1997 Act No. 155, Part II, Section 21A.
Structure South Carolina Code of Laws
Chapter 118 - South Carolina Academic Endowment Incentive Act
Section 59-118-10. Short title.
Section 59-118-30. Definitions.
Section 59-118-40. Matching state gifts on qualified disbursements.
Section 59-118-50. Use of disbursements.
Section 59-118-60. South Carolina Higher Education Matching Gift Fund.
Section 59-118-70. Provision of matching funds.
Section 59-118-80. Conditions on matching gifts.
Section 59-118-90. Procedures for submission and documentation of requests.
Section 59-118-100. Proportionate shares; undistributed funds.