_______________________________________________
HOUSE
BILL 1943
_______________________________________________
Passed
Legislature - 1993 Regular Session
State
of Washington 53rd Legislature 1993
Regular Session
By
Read
first time 02/17/93. Referred to Committee on Higher Education.
Allowing community and technical college foundations to manage funds for
their exceptional faculty awards.
AN ACT Relating to higher education; amending
RCW 28B.50.837 and 28B.50.839; and adding new sections to chapter 28B.50 RCW.
BE
IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1.
RCW 28B.50.837 and 1991 sp.s. c 13 ss 108, 109 are each amended to read as
follows:
(1) The Washington community and technical
college exceptional faculty awards program is established. The program shall
be administered by the college board. The college faculty awards trust fund
hereby created shall be administered by the state treasurer.
(2) Funds appropriated by the legislature for
the community and technical college exceptional faculty awards program shall be
deposited in the college faculty awards trust fund. At the request of the
college board, the treasurer shall release the state matching funds to the ((designated
institution's)) local endowment fund of the college or its foundation.
No appropriation is necessary for the expenditure of moneys from the fund.
Sec. 2.
RCW 28B.50.839 and 1991 c 238 s 64 are each amended to read as follows:
(1) In consultation with eligible community and
technical colleges, the college board shall set priorities and guidelines for
the program.
(2) Under this section, a college shall not
receive more than four faculty grants in twenty-five thousand dollar
increments, with a maximum total of one hundred thousand dollars per campus in
any biennium.
(3) All community and technical colleges and
foundations shall be eligible for matching trust funds. Institutions and
foundations may apply to the college board for grants from the fund in
twenty-five thousand dollar increments up to a maximum of one hundred thousand
dollars when they can match the state funds with equal cash donations from
private sources, except that in the initial year of the program, no college or
foundation may receive more than one grant until every college or its
foundation has received one grant. These donations shall be made
specifically to the exceptional faculty awards program and deposited by the
institution or foundation in a local endowment fund or a foundation's
fund. Otherwise unrestricted gifts may be deposited in the endowment fund
by the institution or foundation.
(4) Once sufficient private donations are
received by the institution or foundation, the institution shall inform
the college board and request state matching funds. The college board shall
evaluate the request for state matching funds based on program priorities and
guidelines. The college board may ask the state treasurer to release the state
matching funds to a local endowment fund established by the institution or a
foundation's fund established by a foundation for each faculty award
created.
NEW SECTION. Sec. 3. A
new section is added to chapter 28B.50 RCW to read as follows:
For purposes of RCW 28B.50.835 through
28B.50.843 "foundation" means a private nonprofit corporation that:
(1) Is registered under Title 24 RCW and qualified as a tax-exempt entity under
section 501(c)(3) of the federal internal revenue code; (2) exists solely for
the benefit of one or more community or technical colleges in this state; and
(3) is registered with the attorney general's office under the charitable trust
act, chapter 11.110 RCW.
NEW SECTION. Sec. 4. A
new section is added to chapter 28B.50 RCW to read as follows:
A foundation is not eligible to receive
matching funds under RCW 28B.50.835 through 28B.50.843 unless the foundation
and the board of trustees of the college for whose benefit the foundation
exists have entered into a contract, approved by the attorney general, that:
(1) Specifies the services to be provided by the foundation; (2) provides for
protection of the community and technical college exceptional awards endowment
funds under the foundation's control; and (3) provides for the college's
assumption of ownership, management, and control of such funds if the
foundation ceases to exist or function properly, or fails to provide the
specified services in accordance with the contract.
The principal of the community and technical
college exceptional awards endowment fund managed by the foundation shall not
be invaded. Funds recovered by a college under this section shall be deposited
into the college's local endowment fund. For purposes of this section,
community and technical college exceptional awards endowment funds include the
private donations, state matching funds, and any accrued interest on such
donations and matching funds.
