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WV Code § 18B-18-6 (2021)
2021 West Virginia Code|Chapter 18B. Higher Education|Article 18. Eminent Scholars Endowment Trust Fund Act|§18B-18-6. Duties of Higher Education Policy Commission

The Higher Education Policy Commission shall:(a) Establish documentation standards and review procedures to determine the eligibility of donor gifts to participate in the eminent scholars program when the gift is initially received or whenever the terms are significantly changed;(b) Require that each participating institution report on total gifts received, investment earnings realized and anticipated expenditures in its annual operating budget request;(c) Annually develop and submit a consolidated budget request for the eminent scholars program to the Governor for the fiscal year beginning on July 1, 2003. The budget request shall include a request for an appropriation by the Legislature to each institutional account each fiscal year in an amount equal to the investment earnings in the previous fiscal year which are intended for use in the fiscal year to supplement the salaries of eminent scholars;(d) Allocate any funds appropriated by the Legislature among the participating institutions in equal installments at the beginning of each quarter.
WV Code § 18B-18-7 (2021)
2021 West Virginia Code|Chapter 18B. Higher Education|Article 18. Eminent Scholars Endowment Trust Fund Act|§18B-18-7. Process for Preparation of Executive Budget

(a) The Governor shall consider for inclusion in the appropriate account the budget request of the policy commission for the eminent scholars program.(b) Whether or not the Governor includes the budget request of the policy commission as described in subsection (a) of this section, the Legislature may include an appropriation in the appropriate account.(c) Nothing in this section shall be construed to require any specific level of funding by the Legislature.
WV Code § 18B-18-8 (2021)
2021 West Virginia Code|Chapter 18B. Higher Education|Article 18. Eminent Scholars Endowment Trust Fund Act|§18B-18-8. Selection of Eminent Scholars

(a) Each institution shall establish criteria for the selection of persons to be appointed as eminent scholars pursuant to this article. The criteria shall include, but not be limited to:(1) The prospective appointees' record of distinguished academic or professional work in an appropriate field as judged in national terms and verified by the department or college benefitting from the salary supplement;(2) The prospective appointees' record of increasing the quality and reputation of academic programs and economic development through new research centers; and(3) The relevance of prospective appointees' academic or professional work to the economic development goals of the state as defined by the West Virginia council for community and economic development.(b) Appointees shall submit to peer review at the department or college and any other review procedures that are established by the institution.
WV Code § 18B-18-9 (2021)
2021 West Virginia Code|Chapter 18B. Higher Education|Article 18. Eminent Scholars Endowment Trust Fund Act|§18B-18-9. Authorization to Solicit Private Moneys; Terms of Grants; Reports; Handling of Moneys

Each institution, and each dean and department chair within each institution, may solicit moneys for the endowment of eminent scholars pursuant to this article. All persons and institutions engaged in soliciting moneys shall apprise the board of their actions and provide periodic reports, at least once each fiscal year, regarding the amounts secured and, upon receipt of any moneys, shall forward them immediately to the board for deposit.
WV Code § 18B-18-10 (2021)
2021 West Virginia Code|Chapter 18B. Higher Education|Article 18. Eminent Scholars Endowment Trust Fund Act|§18B-18-10. Other Funds

Effective July 1, 2002, all funds existing in accounts established in the eminent scholars endowment trust fund act and the distinguished professors endowment trust fund act as previously set out in articles twenty-two-a and twenty-two-e, respectively, of chapter eighteen of this code are hereby transferred to the institution for which they were previously designated. Moneys used to fund chairs or professorships established under these two articles shall continue to be used for the purposes and in the manner previously designated. Funds accrued under these two articles may not be transferred to the trust funds established by this article.
WV Code § 18B-18A-1 (2021)
2021 West Virginia Code|Chapter 18B. Higher Education|Article 18A. Directed Research Endowments|§18B-18A-1. Legislative Findings; Purpose; and Intent

(a) The Legislature finds that the continued expansion of the nation's economy is dependent upon the ability of its institutions of higher education to increase the quality, quantity and productivity of its citizens who are engaged in scientific and technical fields of study. Failure of the United States to compete in these areas may lead to lower standards of living, dependence upon foreign intellectual capital and international insecurity. The economic future of West Virginia is equally dependent upon the ability of Marshall University and West Virginia University, the state's two doctoral-granting, public research universities, as well as its other higher education institutions to promote, educate and train researchers and research support staff in these diverse fields of study.The Legislature further finds that a recent emphasis on the creation of innovative curricula and the receipt of significant private donations by Marshall University and West Virginia University has led to major expansions in certain areas of study, including energy, national security technology, environmental sciences, health and biomedical sciences, biometrics, biotechnology and nanotechnology. Despite these expansions, the additional investment of both private donations and state moneys is critical to recruiting world-class scientists, researchers, research staff, technicians and professional degree graduates, as well as providing funding for laboratories and scientific equipment.(b) The purpose of the Legislature in enacting this article is to establish a state fund to be administered by the Higher Education Policy Commission to address the findings outlined in subsection (a) of this section. The fund will make public moneys available to the state's two doctoral-granting public research universities, Marshall University and West Virginia University, and a state land grant higher education institution, West Virginia State University, to match qualified private donations and qualified private donation pledges; thereby creating an incentive for donors to support certain priority areas of study consistent with each participating institution's long-range strategic plan for research. Creation of this fund promotes strategic private donations targeted to specific areas of research and creates a sustainable source of funding for research initiatives that are critical to achieving long-term goals including, but not limited to, the following:(1) Research-based economic development and economic diversification; and(2) Increased potential for patenting, licensing and related technology transfer and commercialization of scientific and technological research in the state.
WV Code § 18B-18A-3 (2021)
2021 West Virginia Code|Chapter 18B. Higher Education|Article 18A. Directed Research Endowments|§18B-18A-3. West Virginia Research Trust Fund; Use of Investment Earnings

(a) There is continued in the State Treasury a special fund to be known as the West Virginia Research Trust Fund which shall consist of appropriations of moneys to the fund made by the Legislature, all earnings from investment of the fund and any unmatched portion of state moneys returned by a state institution of higher education.(b) Expenditures from the trust fund shall be made for the purposes set forth in this article and are not subject to separate appropriation by the Legislature. Any balance in the trust fund at the end of each fiscal year, including accrued investment earnings on any unmatched portion of state moneys returned by a state institution of higher education, does not expire to the General Revenue Fund, but remains in the trust fund to be expended as provided by this article.(c) In accordance with and subject to the provisions of section eight of this article, the commission shall make available moneys in this account to match qualified donations and qualified pledges as follows:(1) Sixty-five percent to West Virginia University;(2) Thirty percent to Marshall University; and(3) Five percent to West Virginia State University.(d) Investment earnings accruing in the account may be expended by the commission to provide matching research funds to state colleges in accordance with the provisions of section ten of this article.
WV Code § 18B-18A-4 (2021)
2021 West Virginia Code|Chapter 18B. Higher Education|Article 18A. Directed Research Endowments|§18B-18A-4. Directed Research Endowments

(a) The governing board of each participating institution may create and administer or enter into an agreement with its research corporation and/or foundation to administer one or more directed research endowments to receive qualified donations and matching state moneys allocated for distribution to that institution.(b) A research endowment consists of qualified donations andmatching moneys distributed by the commission from the trust fund in accordance with the provisions of section eight of this article.(c) Subject to the following conditions, the governing board of a participating institution or its research corporation may invest moneys deposited into the research endowment either directly or through a foundation subject to the following conditions:(1) Any interest or other investment earnings on the moneys invested are retained by the participating institution to be used for the purposes set forth in this article;(2) Any investments authorized by this subsection are made in accordance with and subject to the provisions of the Uniform Prudent Investor Act codified as article six-c, chapter forty-four of this code; and(3) Any investments authorized by this subsection are not subject to the provisions of section twelve-d, article one, chapter twelve of this code.(d) Investment earnings accruing to a participating institution's research endowment, hereinafter referred to as endowment proceeds, may be expended by the governing board of the participating institution or its research corporation, subject to the provisions of section six of this article and the following conditions:(1) Endowment proceeds may be expended only for the eligible uses designated; and(2) The principal of a research endowment may not be expended for any purpose.(e) The governing board of a participating institution is exempt from liability for any loss or decrease in value of the assets or income of a directed research endowment, except as losses or decreases in value are shown to be the result of bad faith, gross negligence or intentional misconduct.(f) The governing board of each participating institution shall promulgate a rule or rules for the administration of research endowments that fulfills the purposes and requirements of this article and section six, article one of this chapter.
WV Code § 18B-18A-5 (2021)
2021 West Virginia Code|Chapter 18B. Higher Education|Article 18A. Directed Research Endowments|§18B-18A-5. Qualified Private Donations

(a) Private donations and pledges to a research endowment meet the criteria for designation as a qualified donation or qualified pledge under the following conditions:(1) The donation or pledge is expressly and specifically restricted by the donor for one or more of the eligible uses designated in section six of this article; however, nothing in this subdivision prohibits a participating institution from designating unrestricted gifts or bequests, or any portion thereof, for use as a qualified donation;(2) The individual donation or pledge is a minimum of $50,000 or is bundled with other qualified donations or qualified pledges to meet the $50,000 threshold; and(3) Donations or pledges may be accepted from individuals, partnerships, associations, public and private for-profit and nonprofit corporations and nongovernmental foundations.(b) The following may not be included as a qualified donation or a qualified pledge:(1) Any donation or pledge received by a participating institution or its affiliated research corporation or foundation prior to the effective date of this article;(2) Educational and general fees, auxiliary fees or other student fees generated by the participating institution;(3) Proceeds from promissory notes, bonds, loans or other instruments evidencing an indebtedness or any other obligation of repayment by the governing board to the maker of the instrument;(4) Any moneys or assets, other than qualified donations or qualified pledges, received from the participating institution's affiliated research corporation or foundation; or(5) Any other moneys received from the state or federal government.(c) The president of each participating institution or his or her designee shall make the initial determination of whether a donation or pledge meets the criteria for qualified donations or qualified pledges as set forth in this section. The president shall also provide a report to the governing board at least once each fiscal year regarding the amount of qualified donations and qualified pledges the participating institution has received.
WV Code § 18B-18A-6 (2021)
2021 West Virginia Code|Chapter 18B. Higher Education|Article 18A. Directed Research Endowments|§18B-18A-6. Eligible Uses of Directed Research Endowment Proceeds

(a) Endowment proceeds may be expended by a participating institution or its affiliated research corporation for any of the following designated uses:(1) To pay the base salaries of newly endowed department chairs, new professorship positions, new research scientists and new research staff positions, including, but not limited to, research technicians and support personnel, and to fund affiliated graduate or undergraduate student research fellowships.All positions or fellowships shall be engaged primarily in one of the following areas of research:(A) Energy and environmental sciences;(B) Nanotechnology and materials science;(C) Biological, biotechnological and biomedical sciences;(D) Transportation technology and logistics;(E) Biometrics, security, sensing and related identification technologies; or(F) Gerontology; or(2) To purchase basic infrastructure directly related to an area of research identified in subdivision (1) of this subsection, including, but not limited to, laboratory and scientific equipment, and other essential equipment and materials.(b) Eligibility criteria regarding the expenditure of directed endowment proceeds to pay the base salaries of personnel, to fund student fellowships and to purchase basic infrastructure shall be established by rules of the commission promulgated pursuant to section eleven of this article.
WV Code § 18B-18A-7 (2021)
2021 West Virginia Code|Chapter 18B. Higher Education|Article 18A. Directed Research Endowments|§18B-18A-7. Directed Research Endowment Plans

(a) To facilitate the goals of this article and to ensure the prudent expenditure of state moneys, the governing board of each participating institution shall submit to the commission a directed research endowment plan.(b) The research plan shall include, but is not limited to, the following:(1) An assessment of the participating institution's current research initiatives, including any initiatives falling within an area of research identified in section six of this article;(2) An analysis of possible strategies to enhance current research initiatives;(3) An outline of the participating institution's proposed uses of endowment proceeds, including identification of any specific disciplinary hires, collaborations or acquisitions currently under consideration;(4) A list of proposed uses contained in the research plan including the anticipated costs associated with each proposed use;(5) An analysis of the anticipated costs compared to the expected endowment proceeds available to the institution;(6) An evaluation of how the research plan furthers the purposes of this article and addresses the research needs of the institution;(7) Identification of the proposed uses for which alternative funding sources may be sought to enhance the comprehensive research initiatives contemplated by the participating institution. Alternative funding sources exclude qualified donations, matching moneys from the trust fund and the endowment proceeds generated from the trust fund; and(8) Notation of the amount allocated for distribution to the participating institution pursuant to section three of this article.(c) The governing board of each participating institution shall submit its research plan to the commission prior to submitting its first request for a distribution of matching moneys from the trust fund.
WV Code § 18B-18A-8 (2021)
2021 West Virginia Code|Chapter 18B. Higher Education|Article 18A. Directed Research Endowments|§18B-18A-8. Distributions From West Virginia Research Trust Fund

(a) A participating institution seeking a distribution of matching moneys from the trust fund first shall obtain qualified donations, qualified pledges, or both, in an amount equal to the amount of matching moneys requested for distribution and shall submit a request to the commission setting forth the following:(1) The amount of qualified donations, qualified pledges, or both, designated for use in requesting the distribution of matching moneys from the trust fund and the amount of any previous distributions of matching moneys from the trust fund;(2) The amount requested for distribution to the participating institution pursuant to section three of this article;(3) An explanation of how the proposed use satisfies the criteria for the eligible uses of endowment proceeds set forth in section six of this article;(4) An explanation of how the proposed use of the endowment proceeds furthers the purposes of this article and addresses the research needs of the institution as identified in the research plan; and(5) A designation of the applicable research endowment into which the requested matching moneys are to be deposited.(b) The commission shall review each request for distribution of matching moneys from the trust fund for compliance with the provisions of this article and the rule promulgated pursuant to section eleven of this article.(c) Once the commission approves the request of a participating institution, it shall distribute matching moneys from those allocated to the institution in the trust fund to the applicable research endowment in an amount equal to the amount of qualified donations, qualified pledges, or both.
WV Code § 18B-18A-9 (2021)
2021 West Virginia Code|Chapter 18B. Higher Education|Article 18A. Directed Research Endowments|§18B-18A-9. Reallocation of Matching Moneys

(a) No later than seven years from the July 1, 2014, each participating institution shall have deposited into its research endowments an amount of qualified donations equal to or greater than the total amount of moneys allocated for distribution to the institution pursuant to the provisions of subsection (c), section three of this article.(1) If one of the participating institutions fails to have deposited into its research endowments the requisite amount of qualified donations by the end of the seven-year period, then any portion of the moneys allocated to the institution that has not been distributed shall be reallocated for distribution to the other participating institutions pursuant to the terms of this article.(2) To be eligible to receive a distribution of reallocated moneys pursuant to this subsection, another participating institution shall have qualified donations in excess of the amount required by subsection (a) of this section deposited into its research endowment(s) in an amount equal to or greater than the amount of reallocated moneys.(3) If another participating institution does not have excess qualified donations on deposit, the reallocated moneys shall be made available for distribution by the commission to state colleges in accordance with the provisions of section ten of this article.(b) If any pledge previously used by a participating institution to obtain a distribution of matching moneys from the trust fund has not been paid in full within seven years from July 1, 2014, then the institution shall return the unmatched portion of state moneys to the trust fund. These moneys shall be reallocated for distribution to the other participating institutions or to the state colleges pursuant to the terms of this section and section ten of this article as applicable.(c) If all participating institutions fail to have deposited into their respective research endowments the requisite amount of qualified donations within seven years from July 1, 2014, then any moneys remaining in the trust fund that have not been distributed shall be made available for distribution by the commission to state colleges in accordance with the provisions of this article.
WV Code § 18B-18A-10 (2021)
2021 West Virginia Code|Chapter 18B. Higher Education|Article 18A. Directed Research Endowments|§18B-18A-10. Distributions to State Colleges

(a) The commission may use a portion of those moneys derived from investment earnings accruing to the trust fund in accordance with the provisions of section three of this article, as well as moneys that are not distributed to participating institutions in accordance with the provisions of section nine of this article, to distribute state matching moneys to state colleges, as that term is defined in section two of this article.(b) In the rules required by section eleven of this article, the commission shall establish procedures for the competitive application and review of requests from state colleges and criteria for the eligible use of moneys distributed pursuant to this section.(c) To qualify for a distribution of state matching moneys pursuant to this section, a state college shall meet the following conditions:(1) Obtain qualified donations in an amount equal to or greater than the amount of matching moneys requested for distribution from the trust fund; and(2) Deposit the qualified donations and any matching moneys distributed from the trust fund into the accounts of the institution or its affiliated research corporation or foundation.(d) State matching moneys may be expended only for a research-oriented initiative approved by the commission.