Ala. Admin. Code r. 300-3-1-.01 - Purpose
(1) The purpose of
the Alabama Endowment Trust Fund for Eminent Scholars is to establish a trust
fund that will provide the opportunity to 14 authorized public universities to
receive grants from such a trust fund in order to create endowments for
selected eminent scholars to occupy chairs within the university.
(2) Administered by ACHE, the Alabama
Endowment Trust Fund for Eminent Scholars offers challenge grants of $400,000
for every $600,000 raised in private donations for the purpose of the
university's Eminent Scholars Program.
(3) Authorized foundations that would like to
qualify for challenge grants must first establish a designated Eminent Scholars
Trust Fund account into which the university's foundation deposits into the
account $600,000 in contributions from sources other than state appropriations,
student fees, federal funds, research grants, and interest earned thereon. To
become eligible to participate in distribution procedures the authorized
university must submit qualifying documentation to ACHE.
(4) After the university's qualifying
documentation is verified by ACHE, then the university is prioritized to
receive a grant based on "first come first serve/round robin style"; i.e., each
foundation has the opportunity to receive a first grant before a second grant
is awarded.
(5) When the $400,000
challenge grant is awarded to the authorized foundation, the one million dollar
sum total now in the Eminent Scholars Trust Fund account is the sole
responsibility of the university. Upon approval of the university's president,
interest income earned on the university's Eminent Scholars account is to be
used on salaries or supplemental salaries for the holder of the new chair,
those individuals directly associated with the new chair holder, and for other
expenses directly related to the new chair holder's scholarly work.
(6) There is no limit to the amount of
endowments a university may establish.
Author: Kay Ivey
Notes
Statutory Authority: Code of Ala. 1975, ยงยง 16-61-1, et seq.
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