Senate Bill 2890

AN ACT TO ESTABLISH THE BOARD OF TRUSTEES OF STATE INSTITUTIONS OF HIGHER LEARNING ENDOWMENT PARTNERSHIP TRUST FUND; TO SET FOR THE PURPOSE OF THE FUND TO PROVIDE CHALLENGE GRANTS TO RAISE FUNDS FOR ENDOWING FACULTY POSITIONS AND PROFESSORSHIPS TO ATTRACT EMINENT SCHOLARS TO JOIN THE FACULTIES OF THE INSTITUTIONS OF HIGHER LEARNING; TO AUTHORIZE THE BOARD OF TRUSTEES TO ADOPT RULES AND REGULATIONS RELATIVE TO THE AWARD OF CHALLENGE GRANTS AND TO SET FORTH THE AMOUNTS FOR FACULTY POSITIONS AND PROFESSORSHIPS; TO REQUIRE ANNUAL REPORTS ON THE STATUS OF THE PROGRAM; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. The following provision shall be codified as Section 37-101-26, Mississippi Code of 1972:

37-101-26. Authority to establish the Board of State Institutions of Higher Learning Endowment Partnership Trust Fund. (1) It is hereby declared to be the policy of the State of Mississippi to encourage a public/private partnership by the institutions of higher learning and to assist such fundraising through a matching program to be known as the Board of Trustees of State Institutions of Higher Learning Endowment Partnership Program which shall not result in direct or indirect reductions in the state's appropriation to such institutions for operations or for capital support.

(2) There is created the Board of Trustees of State Institutions of Higher Learning Endowment Partnership Trust Fund. The Board of Trustees shall serve as trustees of such fund. The fund shall be a budget unit for the purpose of appropriation of state funds. The fund created by this section is established for the purpose of providing challenge grants to raise funds to be used by the institutions of the University System of Mississippi in endowing faculty positions and professorships to attract eminent scholars to join the faculties of the institutions of the University System of Mississippi. The Legislature is authorized to appropriate state funds, by line-item appropriation, to the trust fund established by this section. The board of trustees is authorized to allocate any funds appropriated or available to the University System of Mississippi to the trust fund created by this section. Any monies so appropriated or allocated are deemed to be contractually obligated for the purposes specified in this section and any funds remaining in the trust fund at the end of any fiscal year shall not lapse.

(3) The trustees of the Board of Trustees of State Institutions of Higher Learning Endowment Partnership Program are authorized to make challenge grants to institutions. The trustees of the Board of Trustees of State Institutions of Higher Learning Endowment Partnership Program shall adopt rules, regulations and standards relative to the award of challenge grants under this section. Money in the Board of Trustees of State Institutions of Higher Learning Endowment Partnership Fund shall be appropriated to the Board of Trustees of State Institutions of Higher Learning to be disbursed for the following endowment purposes in the following amounts:

(a) For endowed faculty positions, an amount not to exceed Fifty Thousand Dollars ($50,000.00) for each endowed faculty position; and

(b) For endowed professorships, an amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000.00) for each endowed professorship.

Such amounts may be revised at any time by the board of trustees so as to maximize the benefits which may result from endowing one or more faculty position or professorship in any fiscal year and depending on the total funds available to the Board of Trustees of State Institutions of Higher Learning Endowment Partnership Trust Fund. No funds shall be granted under this section except upon the express written condition that such funds and the earnings thereon be used for the purpose of endowing a faculty position or professorship at an institution of the University System of Mississippi.

(4) Such faculty positions or professorships shall be created by the board of trustees for any approved program of study at a respective institution. The amount of funds granted under this section shall be invested and maintained by the institution and, together with the income therefrom, shall be used as provided in this section.

(5) Persons selected to hold such faculty positions or professorships shall be selected under such procedure as may be established by the institutional executive officer of the institution at which the faculty position or professorship is established.

(6) The Board of Trustees of State Institutions of Higher Learning shall submit a report to the Legislature no later than December 1 of each year outlining the status of the program.

SECTION 2. This act shall take effect and be in force from and after July 1, 2006.