State Codes and Statutes

Statutes > North-carolina > Chapter_116 > GS_116-41_15

§ 116‑41.15.  Distinguished Professors EndowmentTrust Fund; allocation; administration.

(a)        For constituent institutions other than focused growthinstitutions and special needs institutions, the amount appropriated to thetrust shall be allocated by the Board as follows:

(1)        On the basis of one three hundred thirty‑four thousanddollar ($334,000) challenge grant for each six hundred sixty‑six thousanddollars ($666,000) raised from private sources; or

(2)        On the basis of one one hundred sixty‑seven thousanddollar ($167,000) challenge grant for each three hundred thirty‑threethousand dollars ($333,000) raised from private sources; or

(3)        On the basis of one challenge grant of up to six hundredsixty‑seven thousand dollars ($667,000) for funds raised from privatesources in twice the amount of the challenge grant.

If an institution chooses to pursue the use of the allocated challengegrant funds described in either subdivision (1), subdivision (2), orsubdivision (3) of this subsection, the challenge grant funds shall be matchedby funds from private sources on the basis of two dollars of private funds forevery one dollar of State funds.

(b)        For focused growth institutions and special needsinstitutions, the amount appropriated to the trust shall be allocated by theBoard as follows:

(1)        On the basis of one five hundred thousand dollar ($500,000)challenge grant for each five hundred thousand dollars ($500,000) raised fromprivate sources; or

(2)        On the basis of one two hundred fifty thousand dollar($250,000) challenge grant for each two hundred fifty thousand dollars($250,000) raised from private sources; or

(3)        On the basis of one challenge grant of up to one milliondollars ($1,000,000) for funds raised from private sources in the same amountas the challenge grant.

If an institution chooses to pursue the use of the allocated challengegrant funds described in either subdivision (1), subdivision (2), orsubdivision (3) of this subsection, the challenge grant funds shall be matchedby funds from private sources on the basis of one dollar of private funds forevery dollar of State funds.

(c)        Matching funds shall come from contributions made after July1, 1985, and pledged for the purposes specified by G.S. 116‑41.14. Eachparticipating constituent institution's board of trustees shall establish itsown Distinguished Professors Endowment Trust Fund, and shall maintain itpursuant to the provision of G.S. 116‑36 to function as a depository forprivate contributions and for the State matching funds for the challengegrants. The State matching funds shall be transferred to the constituentinstitution's Endowment Fund upon notification that the institution hasreceived and deposited the appropriate amount required by this section in itsown Distinguished Professors Endowment Trust Fund. Only the net income fromthat account shall be expended in support of the distinguished professorshipthereby created. (1985, c. 757, s. 202;2003‑293, s. 2; 2005‑276, s. 9.21(a).)

State Codes and Statutes

Statutes > North-carolina > Chapter_116 > GS_116-41_15

§ 116‑41.15.  Distinguished Professors EndowmentTrust Fund; allocation; administration.

(a)        For constituent institutions other than focused growthinstitutions and special needs institutions, the amount appropriated to thetrust shall be allocated by the Board as follows:

(1)        On the basis of one three hundred thirty‑four thousanddollar ($334,000) challenge grant for each six hundred sixty‑six thousanddollars ($666,000) raised from private sources; or

(2)        On the basis of one one hundred sixty‑seven thousanddollar ($167,000) challenge grant for each three hundred thirty‑threethousand dollars ($333,000) raised from private sources; or

(3)        On the basis of one challenge grant of up to six hundredsixty‑seven thousand dollars ($667,000) for funds raised from privatesources in twice the amount of the challenge grant.

If an institution chooses to pursue the use of the allocated challengegrant funds described in either subdivision (1), subdivision (2), orsubdivision (3) of this subsection, the challenge grant funds shall be matchedby funds from private sources on the basis of two dollars of private funds forevery one dollar of State funds.

(b)        For focused growth institutions and special needsinstitutions, the amount appropriated to the trust shall be allocated by theBoard as follows:

(1)        On the basis of one five hundred thousand dollar ($500,000)challenge grant for each five hundred thousand dollars ($500,000) raised fromprivate sources; or

(2)        On the basis of one two hundred fifty thousand dollar($250,000) challenge grant for each two hundred fifty thousand dollars($250,000) raised from private sources; or

(3)        On the basis of one challenge grant of up to one milliondollars ($1,000,000) for funds raised from private sources in the same amountas the challenge grant.

If an institution chooses to pursue the use of the allocated challengegrant funds described in either subdivision (1), subdivision (2), orsubdivision (3) of this subsection, the challenge grant funds shall be matchedby funds from private sources on the basis of one dollar of private funds forevery dollar of State funds.

(c)        Matching funds shall come from contributions made after July1, 1985, and pledged for the purposes specified by G.S. 116‑41.14. Eachparticipating constituent institution's board of trustees shall establish itsown Distinguished Professors Endowment Trust Fund, and shall maintain itpursuant to the provision of G.S. 116‑36 to function as a depository forprivate contributions and for the State matching funds for the challengegrants. The State matching funds shall be transferred to the constituentinstitution's Endowment Fund upon notification that the institution hasreceived and deposited the appropriate amount required by this section in itsown Distinguished Professors Endowment Trust Fund. Only the net income fromthat account shall be expended in support of the distinguished professorshipthereby created. (1985, c. 757, s. 202;2003‑293, s. 2; 2005‑276, s. 9.21(a).)


State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_116 > GS_116-41_15

§ 116‑41.15.  Distinguished Professors EndowmentTrust Fund; allocation; administration.

(a)        For constituent institutions other than focused growthinstitutions and special needs institutions, the amount appropriated to thetrust shall be allocated by the Board as follows:

(1)        On the basis of one three hundred thirty‑four thousanddollar ($334,000) challenge grant for each six hundred sixty‑six thousanddollars ($666,000) raised from private sources; or

(2)        On the basis of one one hundred sixty‑seven thousanddollar ($167,000) challenge grant for each three hundred thirty‑threethousand dollars ($333,000) raised from private sources; or

(3)        On the basis of one challenge grant of up to six hundredsixty‑seven thousand dollars ($667,000) for funds raised from privatesources in twice the amount of the challenge grant.

If an institution chooses to pursue the use of the allocated challengegrant funds described in either subdivision (1), subdivision (2), orsubdivision (3) of this subsection, the challenge grant funds shall be matchedby funds from private sources on the basis of two dollars of private funds forevery one dollar of State funds.

(b)        For focused growth institutions and special needsinstitutions, the amount appropriated to the trust shall be allocated by theBoard as follows:

(1)        On the basis of one five hundred thousand dollar ($500,000)challenge grant for each five hundred thousand dollars ($500,000) raised fromprivate sources; or

(2)        On the basis of one two hundred fifty thousand dollar($250,000) challenge grant for each two hundred fifty thousand dollars($250,000) raised from private sources; or

(3)        On the basis of one challenge grant of up to one milliondollars ($1,000,000) for funds raised from private sources in the same amountas the challenge grant.

If an institution chooses to pursue the use of the allocated challengegrant funds described in either subdivision (1), subdivision (2), orsubdivision (3) of this subsection, the challenge grant funds shall be matchedby funds from private sources on the basis of one dollar of private funds forevery dollar of State funds.

(c)        Matching funds shall come from contributions made after July1, 1985, and pledged for the purposes specified by G.S. 116‑41.14. Eachparticipating constituent institution's board of trustees shall establish itsown Distinguished Professors Endowment Trust Fund, and shall maintain itpursuant to the provision of G.S. 116‑36 to function as a depository forprivate contributions and for the State matching funds for the challengegrants. The State matching funds shall be transferred to the constituentinstitution's Endowment Fund upon notification that the institution hasreceived and deposited the appropriate amount required by this section in itsown Distinguished Professors Endowment Trust Fund. Only the net income fromthat account shall be expended in support of the distinguished professorshipthereby created. (1985, c. 757, s. 202;2003‑293, s. 2; 2005‑276, s. 9.21(a).)