Kansas Statutes 76-775. Kansas partnership for faculty of distinction program; earnings equivalent awards; faculty of distinction program fund; transfers from state general fund; limitations
Terms Used In Kansas Statutes 76-775
- Board of regents: means the state board of regents provided for in the constitution of this state and described in article 32 of chapter 74 of Kansas Statutes Annotated and amendments thereto. See Kansas Statutes 76-711
- Eligible educational institution: means any state educational institution, municipal university, community college, technical college or vocational education school under the governance or coordination of the state board of regents. See Kansas Statutes 76-773
- Endowed professorship: means the position of a professor of the faculty of an eligible educational institution for which a qualifying gift is received by the endowment association of the eligible educational institution in accordance with the Kansas partnership for faculty of distinction program. See Kansas Statutes 76-773
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Institution: means any institution under the control and supervision of the state board of regents. See Kansas Statutes 76-739
- Program: means the Kansas partnership for faculty of distinction program established by this act. See Kansas Statutes 76-773
- Qualifying gift: means a monetary donation which (1) is a single monetary donation from a single donor or entity or is a joint monetary donation from or on behalf of two or more donors or entities that are directly related or associated or that otherwise are determined by the state board of regents to have common characteristics or similarities such that the joint monetary donation conforms with the purposes of the program, (2) is made in cash or the equivalent of cash, (3) has been received by the endowment association of an eligible educational institution from a single donor or entity for the purpose of endowing a professorship at the eligible educational institution in accordance with the program, and (4) is:
(A) For community colleges, technical colleges and vocational education schools, an aggregate amount of at least $50,000;
(B) for Fort Hays state university, Emporia state university and Pittsburg state university, an aggregate amount of at least $200,000;
(C) for Washburn university, an aggregate amount of at least $300,000;
(D) for Wichita state university, an aggregate amount of at least $350,000; and
(E) for the university of Kansas, the university of Kansas medical center and Kansas state university of agriculture and applied science, an aggregate amount of at least $500,000. See Kansas Statutes 76-773
- State: means the state of Kansas. See Kansas Statutes 76-779
- State board: means the state board of regents. See Kansas Statutes 76-7,126
- State educational institution: means the university of Kansas, Kansas state university of agriculture and applied science, Wichita state university, Emporia state university, Pittsburg state university, and Fort Hays state university. See Kansas Statutes 76-711
- This act: means the university research and development enhancement act. See Kansas Statutes 76-779
(a) Subject to the other provisions of this act, on the first day of the first state fiscal year commencing after receiving a certification of receipt of a qualifying gift under Kan. Stat. Ann. § 76-774, and amendments thereto, the director of accounts and reports shall transfer from the state general fund the amount determined by the director of accounts and reports to be the earnings equivalent award for such qualifying gift for the period of time between the date of certification of the qualifying gift and the first day of the ensuing state fiscal year to either: (1) The endowed professorship account of the faculty of distinction matching fund of the eligible educational institution, in the case of a certification of a qualifying gift to an eligible educational institution that is a state educational institution; or (2) the faculty of distinction program fund of the state board of regents, in the case of a certification of a qualifying gift to an eligible institution that is not a state educational institution. Subject to the other provisions of this act, on each July 1 thereafter, the director of accounts and reports shall make such transfer from the state general fund of the earnings equivalent award for such qualifying gift for the period of the preceding state fiscal year. All transfers made in accordance with the provisions of this subsection shall be considered demand transfers from the state general fund, except that all such transfers during the fiscal years ending June 30, 2023, June 30, 2024, June 30, 2025, shall be considered to be revenue transfers from the state general fund.
(b) There is hereby established in the state treasury the faculty of distinction program fund, which shall be administered by the state board of regents. All moneys transferred under this section to the faculty of distinction program fund of the state board of regents shall be paid to eligible educational institutions that are not state educational institutions for earnings equivalent awards for qualifying gifts to such eligible educational institutions. The state board of regents shall pay from the faculty of distinction program fund the amount of each such transfer to the eligible educational institution for the earnings equivalent award for which such transfer was made under this section.
(c) The earnings equivalent award for an endowed professorship shall be determined by the director of accounts and reports and shall be the amount of interest earnings that the amount of the qualifying gift certified by the state board of regents would have earned at the average net earnings rate of the pooled money investment board portfolio for the period for which the determination is being made.
(d) The total amount of new qualifying gifts that may be certified to the director of accounts and reports under this act during any state fiscal year for all eligible educational institutions shall not exceed $30,000,000. The total amount of new qualifying gifts that may be certified to the director of accounts and reports under this act during any state fiscal year for any individual eligible educational institution shall not exceed $10,000,000. No additional qualifying gifts shall be certified by the state board of regents under this act when the total of all transfers from the state general fund for earnings equivalent awards for qualifying gifts pursuant to this section, and amendments thereto, for a fiscal year is equal to or greater than $8,000,000 in fiscal year 2011 and in each fiscal year thereafter.