2006 Delaware Code - Subchapter IX — Education Endowment Fund
From time to time individuals, corporations and businesses desire to assist Delaware students in pursuing higher education by establishing or contributing to scholarship funds. This endowment fund is established to encourage and focus such giving. (73 Del. Laws, c. 188, § 1.)
The Commission may receive, hold, invest, reinvest and use funds in the form of grants or gifts from private corporations, trusts, individuals, organizations, groups and other sources to support Delaware residents in postsecondary education programs.
(1) To qualify as tax deductible donations, contributions to the Fund must be made without restriction or precondition.
(2) The Commission shall ensure that contributors of qualifying donations receive such documentation as may be necessary to support tax deduction of gifts to the Fund.
(3) The Commission may establish such rules and regulations as it deems necessary for administration of this subchapter.
(4) The Commission shall hold the Fund in an interest-bearing account, or may invest and reinvest funds to advance the purposes of this subchapter.
(5) Awards from the Fund must be based on student financial need, but may include other criteria as may be established by the Commission. (73 Del. Laws, c. 188, § 1.)
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