S.C. Code Ann. § 59-118-80

Conditions on matching gifts

Known as the South Carolina Academic Endowment Incentive Act

The act spans §§ 59–59 (10 sections).

1997 Act No. 155, Part II, SECTION 21A.

The state matching gifts authorized in Section 59-118-70 are subject to the following conditions:

(1) qualifying disbursements to which the state matching gift is applied must come from the earnings of the endowment and not from principal or corpus;

(2) the state matching funds must go directly into the college's or university's operating account to be spent only for the purposes authorized;

(3) the college or university must make application to receive state matching funds on forms and under procedures prescribed by the Commission on Higher Education.

Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.