Opinion ID: 785104
Heading Depth: 4
Heading Rank: 3

Heading: Endowments

Text: 30 The agreement establishes both a publicly funded and a privately funded endowment for the benefit of Alcorn State, Jackson State, and Mississippi Valley State. Mississippi will create the public endowment, which will consist of $70 million, over the course of fourteen years. Additionally, the agreement requires the Board to use its best efforts over a seven-year period to raise $35 million for the privately funded endowment. 31 Initially, the endowments will be managed by a seven-person committee composed of the presidents of the historically black universities, the Commissioner of Higher Education, two members of the Board, and a member to be agreed on by the other members. The income from both endowments will be allocated 28.3% to Alcorn State, 43.4% to Jackson State, and 28.3% to Mississippi Valley State, with the schools being required to use the funds for other-race 15 marketing and recruitment, including the employment of other-race recruiting personnel and the award of other-race student scholarships. The schools may also expend the endowment income on the academic programs provided for in the agreement. 32 Alcorn State, Jackson State, and Mississippi Valley State will each receive its pro rata share of the endowments when the institution attains a total other-race enrollment of ten percent and sustains that enrollment for three consecutive years. After obtaining full control over the endowment funds, the historically black universities may use the income for sound academic purposes such as faculty compensation, academic program enhancements and student scholarships.