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Terms Used In 17 Guam Code Ann. § 31111

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
(a) The Guam Community College is the designated custodian of all funds received by the government of Guam from the federal government for programs administered by the Guam Community College, except for funds awarded to the Guam Community College received via sub-grants within

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17 Guam Code Ann. EDUCATION
CH. 31 GCC ADMINISTRATION

Title V through the Guam Department of Education. The Board of Trustees is authorized and directed to receive and provide for the proper custody of the funds, and to make disbursement thereof in the manner provided in the federal acts which govern the expenditure of the funds.

(b) The Board of Trustees is authorized to establish a public not for profit corporation that shall be separate and apart from the government of Guam and the Guam Community College for the purpose of being able to accept private gifts, donations, endowments, grants, and other monies which may be offered to the Guam Community College. Such gifts, donations, endowments or grants, supra, shall be in accordance with the laws of Guam and subject to reasonable conditions. Such funds received shall be deposited into a fund controlled by the corporation, supra, and shall be known as the “”Guam Community College Foundation””.

Expenditures from the fund shall be made in accordance with such conditions as may be attached to the gift, donation, endowment or grant.

SOURCE: GC § 11972, as added by P.L. 14-77; R/R by P.L. 15-82. Amended by
P.L. 31-099:10 (Sep. 30, 2011).

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