§ 15-104. Use of endowment funds, gifts, donations, and bequests
West's Annotated Code of MarylandEducationEffective: October 1, 2014
Effective: October 1, 2014
MD Code, Education, § 15-104
§ 15-104. Use of endowment funds, gifts, donations, and bequests
(a) It is the public policy of the State that endowment funds of public institutions of higher education and gifts, donations, bequests, private endowments, and private grants received by public institutions of higher education or their governing boards, including any income therefrom:
(b)(1) The public institutions of higher education are encouraged to promote private fundraising by strengthening institutional development activities and by maintaining relationships with affiliated foundations.
(3) The presidents of the University System of Maryland constituent institutions may establish campus-based foundations. Each foundation need not be approved by the Board of Regents of the University System of Maryland but shall operate subject to policies adopted by the Board of Regents of the University System of Maryland in consultation with the presidents of the University System of Maryland constituent institutions.
(6) Sections 5-501 through 5-504 of the General Provisions Article do not bar an official or employee of a public institution of higher education from becoming a director, official, or employee of an independent foundation organized to foster fundraising and provide related services for the benefit of the institution.
Credits
Added as Education § 11-201 by Acts 1978, c. 22, § 2, eff. July 1, 1978. Renumbered as Education § 15-104 and amended by Acts 1988, c. 246, § 2, eff. July 1, 1988. Amended by Acts 1989, c. 89; Acts 1995, c. 539, § 1, eff. Oct. 1, 1995; Acts 1999, c. 542, § 1, eff. July 1, 1999; Acts 2014, c. 104, § 2, eff. Oct. 1, 2014.
MD Code, Education, § 15-104, MD EDUC § 15-104
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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