2011 Oregon Revised Statutes
ORS Volume 9, Chapters 326 - 365
ORS Chapter 351
351.130 Encouragement of gifts and donations to board and Oregon University System; Higher Education Donation Fund; use of gifts and donations.

(1) The State Board of Higher Education shall encourage gifts and donations to the board and the Oregon University System. For purposes of the public universities listed in ORS 352.002, the board, to encourage gifts and donations, shall faithfully devote the gifts or donations to the public university for which the gift or donation is intended.

(2) The Higher Education Donation Fund is established in the State Treasury, separate and distinct from the General Fund. Moneys in the Higher Education Donation Fund are continuously appropriated to the State Board of Higher Education for the purpose for which the moneys were donated. Moneys in the fund may be invested as provided in ORS 293.701 to 293.820, subject to the terms or restrictions of any gifts or donations. Any interest or other income derived from the investment of the fund shall be credited to the fund.

(3) All gifts and donations received shall be used in accordance with the terms of the gift or donation. Gifts or donations may be deposited in the Oregon University System Fund established by ORS 351.506 or in the Higher Education Donation Fund. The board shall consider the amount, nature and purpose of, and any restriction placed on, gifts and donations, and determine whether to deposit the gift or donation in the Oregon University System Fund or the Higher Education Donation Fund. Gifts and donations may be split or transferred between the Oregon University System Fund and the Higher Education Donation Fund.

(4) The interest, income, dividends or profits received on any property or funds of the State Board of Higher Education or the Oregon University System derived from gifts and donations, including legacies, devises, bequests or endowments, are continuously appropriated to the use, maintenance and support of the Oregon University System in the same manner as the principal or corpus of each such gift or donation in accordance with the terms of the gift or donation.

(5) As used in this section, gifts or donations includes funds donated to the State Board of Higher Education or the Oregon University System to which by agreement the donor receives consideration in return for the gift or donation or retains a reversionary interest but does not include grant or contract funds received from government sources. [Amended by 1987 c.102 2; 1989 c.966 34; 1995 c.110 1; 2009 c.762 40; 2011 c.637 45]