Mich. Comp. Laws § 400.192

Sec. 2. The said board of control is hereby authorized to hold the net proceeds derived from such sale or sales in a fund, apart from the other moneys belonging to said school, to be known as the Truman Cobb fund, to be kept invested in first class securities, to be approved by said board of control, and the income to be used by said board of control for the benefit of the wards of said school.