The purposes of this chapter are to:
(1) further the state's efforts to meet its responsibility for the intellectual development of our youth;
(2) enhance statewide economic development through initiatives in higher education; to provide incentives to individuals, corporations, or private funding organizations to create endowments to support the teaching and related activities at South Carolina's public colleges and universities;
(3) supplement the financial impacts of newly created endowments that support these colleges and universities.