2020 South Carolina Code of Laws
Title 59 - Education
Chapter 118 - South Carolina Academic Endowment Incentive Act
Section 59-118-30. Definitions.
For purposes of this chapter:
(1) "Qualifying college or university" means a state-supported, post-secondary two-year or four-year educational institution including college or university regional campuses offering undergraduate, master, or doctoral programs, a technical college under the jurisdiction of the State Board for Technical and Comprehensive Education, and a regional campus of the University of South Carolina.
(2) "Endowments" mean permanent gifts or donations to the qualifying college or university or its principal foundation including cash, income producing securities, an income producing business, real property, personal property, fixed assets, mortgage notes, and life income gifts or bequests. Research grants and funds received by the institution in the performance of a contractual obligation are not an endowment for purposes of this chapter.
(3) "Principal foundation" means a foundation designated by the Board of Trustees of the qualifying college or university and registered with the South Carolina Secretary of State.
(4) "Year" means a state fiscal year beginning on the first day of July and ending the following June thirtieth.
HISTORY: 1997 Act No. 155, Part II, Section 21A; 1998 Act No. 419, Part II, Section 59A; 2000 Act No. 289, Section 4; 2000 Act No. 387, Part II, Section 15.
