West Virginia Code of State Rules › Agency 133 - Higher Education Policy Commission › Title 133 - LEGISLATIVE RULE WEST VIRGINIA HIGHER EDUCATION POLICY COMMISSION › Series 133-48 - Research Trust Fund Program › Section 133-48-7 - Criteria for Qualified Donations and Pledges

Current through Register Vol. XLI, No. 28, July 12, 2024
7.1. Matching Requirements. The trust fund is
				conceived as a way to bring new money from external sources into the State's
				system of postsecondary education. In order to receive state funds,
				participating institutions shall provide dollar-for-dollar matching funds that
				satisfy the following requirements:
7.1.a.
				Donations and pledges shall be newly generated to be eligible for state match.
				Newly-generated contributions are those pledged and received by the
				participating institution on or after March 8, 2008.
7.1.b. Donations and pledges shall be from
				external sources to be eligible for state match. External source contributions
				are those that originate outside the participating institution and its
				affiliated foundation or research corporation. Eligible sources of external
				funding include, but are not limited to, businesses, non-governmental
				foundations, corporations and alumni or other individuals. Funds received from
				federal, state and local government sources are not eligible for state
				match.
7.1.c. State appropriations
				and allocations (e.g., West Virginia Research Challenge Fund) and
				student-derived revenues (e.g., tuition and fees revenue) are not eligible for
				state match.
7.1.d. An undirected
				qualified donation may be directed by the institution toward an endowment under
				this rule; however, current institutional foundation funds are not eligible for
				state match.
7.1.e. The minimum
				institutional request is $50,000. A participating institution may combine
				smaller donations to meet the $50,000 minimum.
7.1.f. All funds, both state and private,
				shall be permanently endowed. "Endowed" means that only the investment
				earnings, and not the principal, are eligible for expenditure.
7.1.g. Requests for state matching funds
				shall identify the donor funds received in cash and those that are
				pledges.
7.1.h. Pledges, or
				promises of future payment, are eligible for state match provided they are
				based on a written contract or agreement and include a payment schedule that
				does not exceed the reallocation date of July 1, 2015. Pledge payment schedules
				showing receipts to date and scheduled future payments shall be included in the
				audited financial statements of the institution, research corporation and/or
				the foundation and included in the annual report specified in section 14 of
				this rule.
7.1.i. Participating
				institutions shall notify the Vice Chancellor in writing immediately when a
				gift has been revoked, when a pledge payment is more than 12 months past due,
				or if there are unpaid pledges remaining six months before the reallocation
				date of July 1, 2015.
7.1.j. If
				pledged funds are not received by the due date, the participating institution
				shall replace the portion of private funds not received with another eligible
				cash gift. If pledged funds are not received by the reallocation date, the
				unmatched portion of the state funds, plus an allowance for accrued interest,
				shall revert to the trust fund for reallocation. In such cases, the time frame
				for the replacement or return of state funds shall be determined by the Vice
				Chancellor in negotiation with institutional representatives, but may not be
				longer than six months.