Ala. Admin. Code r. 300-3-1-.01
Current through Register Vol. 43, No. 1, October 31, 2024
Section 300-3-1-.01 - Purpose(1) The purpose of the Alabama Endowment Trust Fund for Eminent Scholars is to establish a trust fund that will provide the opportunity to 14 authorized public universities to receive grants from such a trust fund in order to create endowments for selected eminent scholars to occupy chairs within the university.(2) Administered by ACHE, the Alabama Endowment Trust Fund for Eminent Scholars offers challenge grants of $400,000 for every $600,000 raised in private donations for the purpose of the university's Eminent Scholars Program.(3) Authorized foundations that would like to qualify for challenge grants must first establish a designated Eminent Scholars Trust Fund account into which the university's foundation deposits into the account $600,000 in contributions from sources other than state appropriations, student fees, federal funds, research grants, and interest earned thereon. To become eligible to participate in distribution procedures the authorized university must submit qualifying documentation to ACHE.(4) After the university's qualifying documentation is verified by ACHE, then the university is prioritized to receive a grant based on "first come first serve/round robin style"; i.e., each foundation has the opportunity to receive a first grant before a second grant is awarded.(5) When the $400,000 challenge grant is awarded to the authorized foundation, the one million dollar sum total now in the Eminent Scholars Trust Fund account is the sole responsibility of the university. Upon approval of the university's president, interest income earned on the university's Eminent Scholars account is to be used on salaries or supplemental salaries for the holder of the new chair, those individuals directly associated with the new chair holder, and for other expenses directly related to the new chair holder's scholarly work.(6) There is no limit to the amount of endowments a university may establish. Author: Kay Ivey
Ala. Admin. Code r. 300-3-1-.01
Statutory Authority:Code of Ala. 1975, §§ 16-61-1, et seq.