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Statutes Text

Article - Economic Development




§6–618.

    (a)    Except as provided in § 6–619 of this subtitle, the Authority shall make available no more than 25% of cumulative program funds from the Fund to a single nonprofit institution of higher education to match qualified donations.

    (b)    A nonprofit institution of higher education seeking a distribution of matching funds from the Fund shall first obtain qualified donations in an amount equal to the amount of matching funds requested for distribution and shall submit a request to the Authority.

    (c)    The request shall include:

        (1)    the amount requested for distribution to the nonprofit institution of higher education in accordance with subsection (a) of this section;

        (2)    the amount of qualified donations designated for use in requesting the distribution of matching funds from the Fund;

        (3)    an explanation of how the proposed use satisfies the criteria for eligible uses of endowment proceeds under § 6–614 of this subtitle;

        (4)    an explanation of how the proposed use of the endowment proceeds furthers the purposes of this subtitle 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 funds are to be deposited.

    (d)    The Authority shall review each request for distribution of matching funds from the Fund for compliance with the provisions of this subtitle and Department regulations.

    (e)    If the Authority approves the request of a nonprofit institution of higher education, the Authority shall distribute matching funds to the applicable research endowment in an amount equal to the amount of qualified donations.