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§ 7503. Monetary penalty endowments

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 24 P.S. EducationEffective: February 20, 2013

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 24 P.S. Education
Chapter 51. Institution of Higher Education Monetary Penalty Endowment Act
Effective: February 20, 2013
24 P.S. § 7503
§ 7503. Monetary penalty endowments
Currentness
(a) General rule.--If an institution of higher education pays a monetary penalty pursuant to an agreement entered into with a governing body and:
(1) the monetary penalty is at least $10,000,000 in installments over a time period in excess of one year; and
(2) the agreement provides that the monetary penalty will be used for a specific purpose,
then the monetary penalty shall be deposited into an endowment that complies with the provisions of subsection (b).
(b) Requirements of endowment.--An endowment under subsection (a) shall satisfy the following requirements:
(1) The endowment shall be established as a separate trust fund in the State Treasury and the State Treasurer shall be custodian thereof. The State Treasurer shall invest the money in the endowment subject to the prudent investor provisions of 20 Pa.C.S. § 7203 (relating to prudent investor rule). The moneys of the separate trust fund are appropriated to the commission on a continuing basis to carry out the provisions of this act.
(2) In addition to the monetary penalty deposited into the endowment, the endowment shall be authorized to accept donations from any source.
(3) The commission shall expend the money of the endowment in accordance with the purposes enumerated in the agreement between the institution of higher education and the governing body and subject to the provisions of paragraph (4).
(4) Unless otherwise expressly stated in the agreement, the funds may only be used within this Commonwealth for the benefit of the residents of this Commonwealth and on any of the following:
(i) Programs or projects preventing child sexual abuse and/or assisting the victims of child sexual abuse.
(ii) Multidisciplinary investigative teams established under 23 Pa.C.S. (relating to domestic relations).
(iii) Child advocacy centers.
(iv) Victim service organizations that provide services to children subjected to sexual abuse.
(v) Training of persons who are mandated by law to report child sexual abuse or to treat victims of child sexual abuse.
(5) If the endowment is established to exist for at least five years:
(i) During the first five years, not more than 50% of the monetary penalties paid into the endowment shall be expended annually as provided in paragraphs (3) and (4).
(ii) Each year thereafter, all interest and earnings of the endowment shall be expended as provided in paragraphs (3) and (4).

Credits

2013, Feb. 20, P.L. 1, No. 1, § 3, imd. effective.
24 P.S. § 7503, PA ST 24 P.S. § 7503
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document