An Act relative to the endowment match program
Generates a plain-language summary of the bill text and history.
| Committee | Recommendation | Vote |
|---|---|---|
| J29 | Redraft | 1 entries |
| Bill | Title | Status |
|---|---|---|
| H1447 | An Act relative to the endowment match program | Active |
| H1454 | An Act to modernize the endowment match program for community colleges | Active |
| S919 | An Act to modernize the endowment match program for community colleges | Active |
| S936 | An Act relative to the endowment match program | Active |
| S948 | An Act relative to the endowment match program | Active |
Section 15E of chapter 15A, as appearing in the 2022 Official Edition, is hereby amended by inserting the following sentence at the end of the second paragraph:- A community college shall be eligible to receive said match for any private donations received by its foundation, regardless of whether said funds are endowed or contributed to a capital outlay program.
Said section 15E of said chapter 15A, as so appearing, is hereby further amended by striking out, in line 21, the word “Private” and inserting in place thereof the following words:- Except for the community colleges, private.
Said section 15E of said chapter 15A, as so appearing, is hereby further amended by adding the following paragraph:- Not less than $30,000,000 shall be expended annually for the purposes of continuing the implementation of this section to encourage private fundraising by the commonwealth’s public institutions of higher education for the endowment and capital outlay programs of those institutions; provided, that the board of higher education shall implement this program in a manner which ensures that each institution shall have an opportunity to secure matching funds from this item; provided further, that $10,000,000 shall be allocated to the university of Massachusetts segment; provided further, that $10,000,000 shall be allocated to the state university segment; provided further, that $10,000,000 shall be allocated to the community college segment; provided further, that if any funds allocated herein for disbursement to the community college segment shall be unused, the remaining funds shall be made available to the state university segment; provided further, that if any funds allocated herein for disbursement to the state university segment shall be unused, the remaining funds shall be made available to the university of Massachusetts segment.
Sections 1 and 2 shall take effect immediately upon passage.
SECTION 1. Section 15E of chapter 15A, as appearing in the 2022 Official Edition, is hereby amended by inserting the following sentence at the end of the second paragraph:- A community college shall be eligible to receive said match for any private donations received by its foundation, regardless of whether said funds are endowed or contributed to a capital outlay program. SECTION 2. Said section 15E of said chapter 15A, as so appearing, is hereby further amended by striking out, in line 21, the word “Private” and inserting in place thereof the following words:- Except for the community colleges, private. SECTION 3. Said section 15E of said chapter 15A, as so appearing, is hereby further amended by adding the following paragraph:- Not less than $30,000,000 shall be expended annually for the purposes of continuing the implementation of this section to encourage private fundraising by the commonwealth’s public institutions of higher education for the endowment and capital outlay programs of those institutions; provided, that the board of higher education shall implement this program in a manner which ensures that each institution shall have an opportunity to secure matching funds from this item; provided further, that $10,000,000 shall be allocated to the university of Massachusetts segment; provided further, that $10,000,000 shall be allocated to the state university segment; provided further, that $10,000,000 shall be allocated to the community college segment; provided further, that if any funds allocated herein for disbursement to the community college segment shall be unused, the remaining funds shall be made available to the state university segment; provided further, that if any funds allocated herein for disbursement to the state university segment shall be unused, the remaining funds shall be made available to the university of Massachusetts segment. SECTION 4. Sections 1 and 2 shall take effect immediately upon passage.