Indiana Code 21-38-8-3. Qualifications
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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:
(2) Funds in the endowment must be solely dedicated for use in matching money granted from the fund.
(1) The endowment must be created after July 1, 1990.
Terms Used In Indiana Code 21-38-8-3
- Donor: The person who makes a gift.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
(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.