Terms Used In West Virginia Code > Chapter 18B > Article 18 - Eminent Scholars Endowment Trust Fund Act

• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bequest: Property gifted by will.
• board: means the institutional boards of Governors, individually or collectively, created pursuant to subsection (b), section one, article two-a of this chapter. See West Virginia Code 18B-18-2
• boards: means the institutional boards of governors created by §. See West Virginia Code 18B-1-2
• commission: means the commission created by §. See West Virginia Code 18B-1-2
• Contract: A legal written agreement that becomes binding when signed.
• Council: means the West Virginia Council for Community and Technical College Education created by §. See West Virginia Code 18B-1-2
• Donor: The person who makes a gift.
• 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.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• operating budget: means for any fiscal year an institution's total unrestricted education and general funding from all sources, including, but not limited to, tuition and fees and legislative appropriation, and any adjustments to that funding as approved by the commission or council based on comparisons with peer institutions or to reflect consistent components of peer operating budgets. See West Virginia Code 18B-1-2
• State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
• State institution of higher education: means any university, college, or community and technical college under the jurisdiction of a governing board as that term is defined in this section. See West Virginia Code 18B-1-2