W. Va. Code R. § 133-48-14 - Reporting Requirements
14.1. By
August 15, 2009, and annually thereafter, each participating institution shall
provide an annual report to the Commission that includes a full accounting of
the trust funds, endowment proceeds, and adherence to the objectives
established by the research plan.
14.2. Each participating institution shall
detail in its annual report to the Commission the total amount of qualified
donations received, the investment earnings realized and any anticipated
expenditures of the research endowment proceeds in its annual operating
budget.
14.3. By October 1, 2013,
after the five-year implementation of the trust fund program is complete, the
participating institutions shall provide a comprehensive report to the
Commission on the impact of the trust fund on research competitiveness,
institutional growth and infrastructure development. Strategic goals realized
and those yet to be realized shall be articulated clearly in the report. A full
accounting of all trust funds, proceeds, outcomes, and designated endowments
shall be included in the comprehensive report.
14.4 Each participating institution's
research corporation and/or foundation shall provide the Commission with an
audited financial statement annually. These statements shall be treated as
confidential.
14.5. Awards to state
colleges shall contain a reporting requirement on the specific outcomes of the
award and establish a timeframe for submission.
14.6. Institutions expending any proceeds
from the trust fund, donations and gifts, or the research endowments contrary
to the provisions of this rule, or Commission approval or direction shall be
responsible for reimbursing the appropriate institutional or Commission account
the amount of funds improperly expended, plus statutory interest.
Notes
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