(a) The Board isresponsible for the custody and management of the trust funds of the Universityof North Carolina and of each institution. The Board shall adopt uniformpolicies and procedures applicable to the administration of these funds whichshall assure that the receipt and expenditure of such funds is properlyauthorized and that the funds are appropriately accounted for. The Board maydelegate authority, through the president, to the respective chancellors of theinstitutions when such delegation is necessary or prudent to enable theinstitution to function in a proper and expeditious manner.
(b) Trust funds shallbe deposited with the State Treasurer who shall hold them in trust in separateaccounts in the name of the University of North Carolina and of eachinstitution. The cash balances of these accounts may be pooled for investmentpurposes, but investment earnings shall be credited pro rata to eachparticipating account. For purposes of distribution of investment earnings, alltrust funds of an institution shall be deemed a single account.
(c) Moneys depositedwith the State Treasurer in trust fund accounts pursuant to this section, andinvestment earnings thereon, are available for expenditure by each institutionwithout further authorization from the General Assembly.
(d) Trust funds aresubject to the oversight of the State Auditor pursuant to Article 5A of Chapter147 of the General Statutes but are not subject to the provisions of the StateBudget Act except for capital improvements projects which shall be authorizedand executed in accordance with G.S. 143C‑8‑8 and G.S. 143C‑8‑9.
(e) Each institutionshall submit such reports or other information concerning its trust fundaccounts as may be required by the Director of the Budget.
(f) Trust funds or theinvestment income therefrom shall not take the place of State appropriations orany part thereof, but any portion of these funds available for generalinstitutional purposes is appropriated and shall be used to supplement Stateappropriations to the end that the institution may improve and increase itsfunctions, may enlarge its areas of service, and may become more useful to agreater number of people.
(g) As used in thissection, "trust funds" means:
(1) Moneys, or theproceeds of other forms of property, received by an institution as gifts,devises, or bequests that are neither presumed nor designated to be gifts,devises, or bequests to the endowment fund of the institution;
(2) Moneys received byan institution pursuant to grants from, or contracts with, the United Statesgovernment or any agency or instrumentality thereof;
(3) Moneys received byan institution pursuant to grants from, or contracts with, any State agencies,any political subdivisions of the State, any other states or nations orpolitical subdivisions thereof, or any private entities whereby the institutionundertakes, subject to terms and conditions specified by the entity providingthe moneys, to conduct research, training or public service programs, or toprovide financial aid to students;
(4) Moneys collected byan institution to support extracurricular activities of students of theinstitution;
(5) Moneys received fromor for the operation by an institution of activities established for thebenefit of scholarship funds or student activity programs;
(6) Moneys received fromor for the operation by an institution of any of its self‑supportingauxiliary enterprises, including institutional student auxiliary enterprisefunds for the operation of housing, food, health, and laundry services;
(7) Moneys received byan institution in respect to fees and other payments for services rendered bymedical, dental or other health care professionals under an organized practiceplan approved by the institution or under a contractual agreement between theinstitution and a hospital or other health care provider;
(8) The net proceedsfrom the disposition effected pursuant to Chapter 146, Article 7, of anyinterest in real property owned by or under the supervision and control of aninstitution if the interest in real property had first been acquired by gift,devise, or bequest or through expenditure of moneys defined in this subsection(g) as "trust funds," except the net proceeds from the disposition ofan interest in real property first acquired by the institution throughexpenditure of moneys received as a grant from a State agency;
(9) Moneys received fromthe operation and maintenance of institutional forests and forest farmlands,provided, that such moneys shall be used, when used, by the institution forsupport of forest‑related research, teaching, and public serviceprograms;
(10) Moneys received froman activity authorized by G.S. 66‑58(b)(8)m., n., and o.;
(11) Moneys deposited tothe State Education Assistance Authority Fund pursuant to G.S. 116‑209.3.
(h) Notwithstanding theprovisions of subsection (b) of this section, the Board may designate as theofficial depository of the funds identified in subsection (g)(7) of thissection one or more banks or trust companies in this State. The amount of fundson deposit in an official depository shall be fully secured by depositinsurance, surety bonds, or investment securities of such nature, in suchamounts, and in such manner as is prescribed by the State Treasurer for thesecurity of public deposits generally. The available cash balance of fundsdeposited pursuant to this subsection shall be invested in interest‑bearingdeposits and investments so that the rate of return equals that realized fromthe investment of State funds generally.
(i) The cash balanceson hand as of June 30, 1978, and all future receipts accruing thereafter, offunds identified in this section are hereby appropriated to the use of theUniversity of North Carolina and its constituent institutions. (1977, 2nd Sess., c. 1136,s. 30; 1981, c. 529; 1983, c. 913, s. 19; 1989 (Reg. Sess., 1990), c. 936, s.1(c); 2005‑397, s. 3; 2006‑203, s. 45.)
(a) The Board isresponsible for the custody and management of the trust funds of the Universityof North Carolina and of each institution. The Board shall adopt uniformpolicies and procedures applicable to the administration of these funds whichshall assure that the receipt and expenditure of such funds is properlyauthorized and that the funds are appropriately accounted for. The Board maydelegate authority, through the president, to the respective chancellors of theinstitutions when such delegation is necessary or prudent to enable theinstitution to function in a proper and expeditious manner.
(b) Trust funds shallbe deposited with the State Treasurer who shall hold them in trust in separateaccounts in the name of the University of North Carolina and of eachinstitution. The cash balances of these accounts may be pooled for investmentpurposes, but investment earnings shall be credited pro rata to eachparticipating account. For purposes of distribution of investment earnings, alltrust funds of an institution shall be deemed a single account.
(c) Moneys depositedwith the State Treasurer in trust fund accounts pursuant to this section, andinvestment earnings thereon, are available for expenditure by each institutionwithout further authorization from the General Assembly.
(d) Trust funds aresubject to the oversight of the State Auditor pursuant to Article 5A of Chapter147 of the General Statutes but are not subject to the provisions of the StateBudget Act except for capital improvements projects which shall be authorizedand executed in accordance with G.S. 143C‑8‑8 and G.S. 143C‑8‑9.
(e) Each institutionshall submit such reports or other information concerning its trust fundaccounts as may be required by the Director of the Budget.
(f) Trust funds or theinvestment income therefrom shall not take the place of State appropriations orany part thereof, but any portion of these funds available for generalinstitutional purposes is appropriated and shall be used to supplement Stateappropriations to the end that the institution may improve and increase itsfunctions, may enlarge its areas of service, and may become more useful to agreater number of people.
(g) As used in thissection, "trust funds" means:
(1) Moneys, or theproceeds of other forms of property, received by an institution as gifts,devises, or bequests that are neither presumed nor designated to be gifts,devises, or bequests to the endowment fund of the institution;
(2) Moneys received byan institution pursuant to grants from, or contracts with, the United Statesgovernment or any agency or instrumentality thereof;
(3) Moneys received byan institution pursuant to grants from, or contracts with, any State agencies,any political subdivisions of the State, any other states or nations orpolitical subdivisions thereof, or any private entities whereby the institutionundertakes, subject to terms and conditions specified by the entity providingthe moneys, to conduct research, training or public service programs, or toprovide financial aid to students;
(4) Moneys collected byan institution to support extracurricular activities of students of theinstitution;
(5) Moneys received fromor for the operation by an institution of activities established for thebenefit of scholarship funds or student activity programs;
(6) Moneys received fromor for the operation by an institution of any of its self‑supportingauxiliary enterprises, including institutional student auxiliary enterprisefunds for the operation of housing, food, health, and laundry services;
(7) Moneys received byan institution in respect to fees and other payments for services rendered bymedical, dental or other health care professionals under an organized practiceplan approved by the institution or under a contractual agreement between theinstitution and a hospital or other health care provider;
(8) The net proceedsfrom the disposition effected pursuant to Chapter 146, Article 7, of anyinterest in real property owned by or under the supervision and control of aninstitution if the interest in real property had first been acquired by gift,devise, or bequest or through expenditure of moneys defined in this subsection(g) as "trust funds," except the net proceeds from the disposition ofan interest in real property first acquired by the institution throughexpenditure of moneys received as a grant from a State agency;
(9) Moneys received fromthe operation and maintenance of institutional forests and forest farmlands,provided, that such moneys shall be used, when used, by the institution forsupport of forest‑related research, teaching, and public serviceprograms;
(10) Moneys received froman activity authorized by G.S. 66‑58(b)(8)m., n., and o.;
(11) Moneys deposited tothe State Education Assistance Authority Fund pursuant to G.S. 116‑209.3.
(h) Notwithstanding theprovisions of subsection (b) of this section, the Board may designate as theofficial depository of the funds identified in subsection (g)(7) of thissection one or more banks or trust companies in this State. The amount of fundson deposit in an official depository shall be fully secured by depositinsurance, surety bonds, or investment securities of such nature, in suchamounts, and in such manner as is prescribed by the State Treasurer for thesecurity of public deposits generally. The available cash balance of fundsdeposited pursuant to this subsection shall be invested in interest‑bearingdeposits and investments so that the rate of return equals that realized fromthe investment of State funds generally.
(i) The cash balanceson hand as of June 30, 1978, and all future receipts accruing thereafter, offunds identified in this section are hereby appropriated to the use of theUniversity of North Carolina and its constituent institutions. (1977, 2nd Sess., c. 1136,s. 30; 1981, c. 529; 1983, c. 913, s. 19; 1989 (Reg. Sess., 1990), c. 936, s.1(c); 2005‑397, s. 3; 2006‑203, s. 45.)
(a) The Board isresponsible for the custody and management of the trust funds of the Universityof North Carolina and of each institution. The Board shall adopt uniformpolicies and procedures applicable to the administration of these funds whichshall assure that the receipt and expenditure of such funds is properlyauthorized and that the funds are appropriately accounted for. The Board maydelegate authority, through the president, to the respective chancellors of theinstitutions when such delegation is necessary or prudent to enable theinstitution to function in a proper and expeditious manner.
(b) Trust funds shallbe deposited with the State Treasurer who shall hold them in trust in separateaccounts in the name of the University of North Carolina and of eachinstitution. The cash balances of these accounts may be pooled for investmentpurposes, but investment earnings shall be credited pro rata to eachparticipating account. For purposes of distribution of investment earnings, alltrust funds of an institution shall be deemed a single account.
(c) Moneys depositedwith the State Treasurer in trust fund accounts pursuant to this section, andinvestment earnings thereon, are available for expenditure by each institutionwithout further authorization from the General Assembly.
(d) Trust funds aresubject to the oversight of the State Auditor pursuant to Article 5A of Chapter147 of the General Statutes but are not subject to the provisions of the StateBudget Act except for capital improvements projects which shall be authorizedand executed in accordance with G.S. 143C‑8‑8 and G.S. 143C‑8‑9.
(e) Each institutionshall submit such reports or other information concerning its trust fundaccounts as may be required by the Director of the Budget.
(f) Trust funds or theinvestment income therefrom shall not take the place of State appropriations orany part thereof, but any portion of these funds available for generalinstitutional purposes is appropriated and shall be used to supplement Stateappropriations to the end that the institution may improve and increase itsfunctions, may enlarge its areas of service, and may become more useful to agreater number of people.
(g) As used in thissection, "trust funds" means:
(1) Moneys, or theproceeds of other forms of property, received by an institution as gifts,devises, or bequests that are neither presumed nor designated to be gifts,devises, or bequests to the endowment fund of the institution;
(2) Moneys received byan institution pursuant to grants from, or contracts with, the United Statesgovernment or any agency or instrumentality thereof;
(3) Moneys received byan institution pursuant to grants from, or contracts with, any State agencies,any political subdivisions of the State, any other states or nations orpolitical subdivisions thereof, or any private entities whereby the institutionundertakes, subject to terms and conditions specified by the entity providingthe moneys, to conduct research, training or public service programs, or toprovide financial aid to students;
(4) Moneys collected byan institution to support extracurricular activities of students of theinstitution;
(5) Moneys received fromor for the operation by an institution of activities established for thebenefit of scholarship funds or student activity programs;
(6) Moneys received fromor for the operation by an institution of any of its self‑supportingauxiliary enterprises, including institutional student auxiliary enterprisefunds for the operation of housing, food, health, and laundry services;
(7) Moneys received byan institution in respect to fees and other payments for services rendered bymedical, dental or other health care professionals under an organized practiceplan approved by the institution or under a contractual agreement between theinstitution and a hospital or other health care provider;
(8) The net proceedsfrom the disposition effected pursuant to Chapter 146, Article 7, of anyinterest in real property owned by or under the supervision and control of aninstitution if the interest in real property had first been acquired by gift,devise, or bequest or through expenditure of moneys defined in this subsection(g) as "trust funds," except the net proceeds from the disposition ofan interest in real property first acquired by the institution throughexpenditure of moneys received as a grant from a State agency;
(9) Moneys received fromthe operation and maintenance of institutional forests and forest farmlands,provided, that such moneys shall be used, when used, by the institution forsupport of forest‑related research, teaching, and public serviceprograms;
(10) Moneys received froman activity authorized by G.S. 66‑58(b)(8)m., n., and o.;
(11) Moneys deposited tothe State Education Assistance Authority Fund pursuant to G.S. 116‑209.3.
(h) Notwithstanding theprovisions of subsection (b) of this section, the Board may designate as theofficial depository of the funds identified in subsection (g)(7) of thissection one or more banks or trust companies in this State. The amount of fundson deposit in an official depository shall be fully secured by depositinsurance, surety bonds, or investment securities of such nature, in suchamounts, and in such manner as is prescribed by the State Treasurer for thesecurity of public deposits generally. The available cash balance of fundsdeposited pursuant to this subsection shall be invested in interest‑bearingdeposits and investments so that the rate of return equals that realized fromthe investment of State funds generally.
(i) The cash balanceson hand as of June 30, 1978, and all future receipts accruing thereafter, offunds identified in this section are hereby appropriated to the use of theUniversity of North Carolina and its constituent institutions. (1977, 2nd Sess., c. 1136,s. 30; 1981, c. 529; 1983, c. 913, s. 19; 1989 (Reg. Sess., 1990), c. 936, s.1(c); 2005‑397, s. 3; 2006‑203, s. 45.)
