RESOLUTION

REVISING
CONNECTICUT STATE UNIVERSITY SYSTEM POLICY
ON ENDOWMENT GUIDELINES FOR STATE MATCHING GRANTS

January 27, 2006

WHEREAS,   Section 10a-99a of the Connecticut General Statutes provides for the creation of a permanent endowment fund for the Connecticut State University System and a matching state grant for contributions made to the endowment funds of the System, and

WHEREAS,   The Board of Trustees for the Connecticut State University System adopted a "Policy on Endowment Guidelines for State Matching Funds" in accordance with Section 10a-99a in 1997 and revised said policy in 2000 to reflect amendments to the statutes, and

WHEREAS,   Public Act 05-3 (June Special Session), An Act Concerning the Implementation of Budgetary Provisions, provides for certain amendments to the provision of a state match for contributions, and

WHEREAS,   This Act reduces the state endowment fund matching grants from 50% of private donations to 25% for donations made after December 31, 2004 which will generate a state match beginning in FY 07 and ending in FY 14, and

WHEREAS,   The Act provides that no funds can be appropriated to the Department of Higher Education for grants until the state's budget reserve fund equals 10% of the net General Fund appropriations for the then-current fiscal year, and that the program appropriation for any fiscal year cannot exceed $25 million, and

WHEREAS,   The grants must be reduced proportionately if the amount available is less than the amount required for the grants, and

WHEREAS,   Commitments by donors to make endowment fund eligible gifts for two or more years that meet the established criteria and that are made prior to December 31, 2004, but ending before December 31, 2012, shall continue to be matched in an amount equal to one-half of the total amount of the endowment fund eligible gifts received through the commitment, therefore be it

RESOLVED,   That the Board of Trustees for the Connecticut State University System hereby rescinds Board Resolution 2001-60, "Connecticut State University System Policy on Endowment Guidelines for State Matching Funds" and addendum thereto, and be it further

RESOLVED,   That the Board of Trustees for the Connecticut State University System hereby adopts the attached addendum as said Policy.

A Certified True Copy:

William J. Cibes, Jr., Chancellor