Md. Code Regs. 24.05.22.09

Current through Register Vol. 51, No. 24, December 2, 2024

Section 24.05.22.09 - Reporting Requirements

A. By November 15 of each year, a nonprofit institution of higher education which has received matching funds shall provide an annual report to the Authority on the form required by the Authority, for the 12-month period ending June 30 of that year, that includes a full accounting of the matching funds, endowment proceeds, and adherence to the objectives established by the research endowment plan approved by the Authority.

B. A nonprofit institution of higher education which has received matching funds shall include with the annual report a certification in the form provided by the Authority that the matching funds received by the nonprofit institution of higher education have been used in accordance with the approved research endowment plan and the requirements of the Program.

C. A nonprofit institution of higher education which has received matching funds shall detail in its annual report to the Authority the total amount of qualified donations received, the investment earnings realized, and any anticipated expenditures of the endowment proceeds in its annual operating budget.

D. Five years after the installment of the endowed professor, a nonprofit institution of higher education which has received matching funds shall provide a comprehensive report to the Authority on the impact of the Program on research competitiveness, institutional growth, infrastructure development, entrepreneurial activity, and economic development. The nonprofit institution of higher education shall articulate clearly the strategic goals realized and those anticipated as a result of its participation in the Program. The comprehensive report shall include a full accounting of all matching funds distributed to the nonprofit institution of higher education, endowment proceeds, outcomes, and designated endowments.

E. After the submission of the cumulative report, nonprofit institutions of higher education shall provide on the form required by the Authority a report to the Authority by November 15 of each year documenting how qualified donations and matching funds were used. These reports shall include such items as the number of endowed chairs, professorships, and research scholars created or expanded using Program funds, and the impact of the Program in terms of job creation, increases in sponsored research attributable to the Program, and generation and profitable use of intellectual property. The nonprofit institutions of higher education shall also provide annual Fiduciary Duty in the 21^st Century reports as part of their annual report to the Authority. The Authority may work with nonprofit institutions of higher education to identify any additional information that shall be included in reports provided to the Authority.

F. Failure to timely submit a report on the required form to the Authority may result in a return and reallocation of matching funds.

Md. Code Regs. 24.05.22.09

Regulation .09 adopted effective 42:12 Md. R. 763, eff.6/22/2015; amended effective 51:17 Md. R. 778, eff. 9/2/2024.