§ 115D‑42. North Carolina Community CollegesInstructional Trust Fund.
(a) There is established the North Carolina Community CollegesInstructional Trust Fund. The purpose of this Trust Fund is to supplement thefunds raised by community college foundations to enhance the academic missionsof community colleges.
(b) The State Board of Community Colleges is authorized toallocate funds from the Instructional Trust Fund to the community colleges andto adopt rules to implement the provisions of this section.
(c) State funds from the Trust Fund and matching funds raised byfoundations shall be used by the board of trustees of a community college onlyto enhance the academic mission of the college. State funds shall be used onlyfor scholarships or financial aid for needy students.
Expenditures of the matching funds raised by foundations shall directlyrelate to education and shall be used only for:
(1) Resource center materials;
(2) Professional development of instructional faculty and staffin cases in which (i) professional development will improve the quality ofperformance provided by the employee and (ii) the employee makes a commitmentto remain at the college for a prescribed period of time;
(3) Professional development of instructional faculty and staff incases in which professional development is necessary to enhance the employee'sability to meet newly mandated instructional or performance requirements; and
(4) Other purposes authorized by the State Board of CommunityColleges that are consistent with the college's mission.
(d) Every two dollars ($2.00) raised by the community collegefoundations for the Trust Fund during the 2003‑2004 fiscal year shall bematched with one dollar ($1.00) of State funds. The maximum matchingcontribution from the State shall not exceed twenty‑five thousand dollars($25,000) for each of the 58 community colleges. These funds shall be reservedfor each community college and held in escrow in the Trust Fund. A communitycollege foundation may apply for matching funds after it raises twenty‑fivethousand dollars ($25,000). The chairperson of each community collegefoundation shall certify to the North Carolina Community College System Officethat (i) new funds have been raised by the community college foundation tomatch the amount of funds held in escrow in the Trust Fund, (ii) the amountraised by the community college foundation has not been used previously formatching purposes, (iii) the amount raised by the college shall be used only asprovided in subsection (c) of this section, and (iv) matching State funds shallbe used only for scholarships or financial aid for needy students.
(e) The State Board of Community Colleges may request an auditof the State funds expended under this section from any community collegefoundation. (2003‑284, s.8.14(a).)
§ 115D‑42. North Carolina Community CollegesInstructional Trust Fund.
(a) There is established the North Carolina Community CollegesInstructional Trust Fund. The purpose of this Trust Fund is to supplement thefunds raised by community college foundations to enhance the academic missionsof community colleges.
(b) The State Board of Community Colleges is authorized toallocate funds from the Instructional Trust Fund to the community colleges andto adopt rules to implement the provisions of this section.
(c) State funds from the Trust Fund and matching funds raised byfoundations shall be used by the board of trustees of a community college onlyto enhance the academic mission of the college. State funds shall be used onlyfor scholarships or financial aid for needy students.
Expenditures of the matching funds raised by foundations shall directlyrelate to education and shall be used only for:
(1) Resource center materials;
(2) Professional development of instructional faculty and staffin cases in which (i) professional development will improve the quality ofperformance provided by the employee and (ii) the employee makes a commitmentto remain at the college for a prescribed period of time;
(3) Professional development of instructional faculty and staff incases in which professional development is necessary to enhance the employee'sability to meet newly mandated instructional or performance requirements; and
(4) Other purposes authorized by the State Board of CommunityColleges that are consistent with the college's mission.
(d) Every two dollars ($2.00) raised by the community collegefoundations for the Trust Fund during the 2003‑2004 fiscal year shall bematched with one dollar ($1.00) of State funds. The maximum matchingcontribution from the State shall not exceed twenty‑five thousand dollars($25,000) for each of the 58 community colleges. These funds shall be reservedfor each community college and held in escrow in the Trust Fund. A communitycollege foundation may apply for matching funds after it raises twenty‑fivethousand dollars ($25,000). The chairperson of each community collegefoundation shall certify to the North Carolina Community College System Officethat (i) new funds have been raised by the community college foundation tomatch the amount of funds held in escrow in the Trust Fund, (ii) the amountraised by the community college foundation has not been used previously formatching purposes, (iii) the amount raised by the college shall be used only asprovided in subsection (c) of this section, and (iv) matching State funds shallbe used only for scholarships or financial aid for needy students.
(e) The State Board of Community Colleges may request an auditof the State funds expended under this section from any community collegefoundation. (2003‑284, s.8.14(a).)
§ 115D‑42. North Carolina Community CollegesInstructional Trust Fund.
(a) There is established the North Carolina Community CollegesInstructional Trust Fund. The purpose of this Trust Fund is to supplement thefunds raised by community college foundations to enhance the academic missionsof community colleges.
(b) The State Board of Community Colleges is authorized toallocate funds from the Instructional Trust Fund to the community colleges andto adopt rules to implement the provisions of this section.
(c) State funds from the Trust Fund and matching funds raised byfoundations shall be used by the board of trustees of a community college onlyto enhance the academic mission of the college. State funds shall be used onlyfor scholarships or financial aid for needy students.
Expenditures of the matching funds raised by foundations shall directlyrelate to education and shall be used only for:
(1) Resource center materials;
(2) Professional development of instructional faculty and staffin cases in which (i) professional development will improve the quality ofperformance provided by the employee and (ii) the employee makes a commitmentto remain at the college for a prescribed period of time;
(3) Professional development of instructional faculty and staff incases in which professional development is necessary to enhance the employee'sability to meet newly mandated instructional or performance requirements; and
(4) Other purposes authorized by the State Board of CommunityColleges that are consistent with the college's mission.
(d) Every two dollars ($2.00) raised by the community collegefoundations for the Trust Fund during the 2003‑2004 fiscal year shall bematched with one dollar ($1.00) of State funds. The maximum matchingcontribution from the State shall not exceed twenty‑five thousand dollars($25,000) for each of the 58 community colleges. These funds shall be reservedfor each community college and held in escrow in the Trust Fund. A communitycollege foundation may apply for matching funds after it raises twenty‑fivethousand dollars ($25,000). The chairperson of each community collegefoundation shall certify to the North Carolina Community College System Officethat (i) new funds have been raised by the community college foundation tomatch the amount of funds held in escrow in the Trust Fund, (ii) the amountraised by the community college foundation has not been used previously formatching purposes, (iii) the amount raised by the college shall be used only asprovided in subsection (c) of this section, and (iv) matching State funds shallbe used only for scholarships or financial aid for needy students.
(e) The State Board of Community Colleges may request an auditof the State funds expended under this section from any community collegefoundation. (2003‑284, s.8.14(a).)
