BILL REQ. #:  S-1581.1 

READ FIRST TIME 02/14/03.   

     AN ACT Relating to exceptional faculty award grants; and amending RCW 28B.50.839.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

Sec. 1   RCW 28B.50.839 and 1994 c 234 s 3 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 their 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)) ten 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))) (3) 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.
     (((5))) (4) A college, by action of its board of trustees, may transfer those exceptional faculty award funds accumulated in its local endowment fund between July 1, 1991, and July 25, 1993, to its foundation's local endowment fund established as provided in subsection (((3))) (2) of this section.