2015 South Carolina Code of Laws
Title 59 - Education
CHAPTER 101 - COLLEGES AND INSTITUTIONS OF HIGHER LEARNING GENERALLY
Section 59-101-410. Loan of endowment funds and auxiliary enterprise funds.
(A) As used in this section, "auxiliary enterprise funds" means athletics revenues and funds derived from bookstore, licensing, vending, concessions, and food service operations.
(B) The governing boards of all state-supported colleges, universities, and technical schools may lend from time to time their endowment funds and auxiliary enterprise funds, including interest derived therefrom, currently on deposit with the State Treasurer's Office to separately chartered not-for-profit legal entities whose existence is primarily providing financial assistance and other support to the institution and its educational program. The governing boards of all state-supported colleges, universities, and technical schools also may lend from time to time their future endowment funds and auxiliary enterprise funds received, including interest derived therefrom, currently on deposit with the State Treasurer's Office to separately chartered not-for-profit legal entities whose existence is primarily to provide financial assistance and other support to the institution and its educational program, provided however, that all of these funds must first be recorded with the State Treasurer's Office. Income from the loan of auxiliary funds as provided in this section must be used solely for scholarship purposes. The loans must be in accordance with such terms and conditions as determined by the respective institution's governing body.
HISTORY: 1998 Act No. 419, Part II, Section 9A.
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