Section Pos 1302.01 - Establishment of Participating Institution Endowment Fund(a) Each participating institution shall establish an endowment fund for the purpose of providing a source of funds for awards to granite state scholars at the institution.(b) Each participating institution shall certify to the commission that a granite state scholars financial aid endowment fund has been established by submitting a certification, signed by the president of the institution or its controlling authority, or the authorized trustee of that fund, that shows the name of the fund, the date established, and the rules regulating the management of the fund.(c) The fund shall receive gifts and contributions from:(4) Institutional organizations;(d) Any participating institution that does not certify to the commission that it has established a granite state scholars financial aid endowment fund shall not be eligible to receive state matching funds under this program.N.H. Admin. Code § Pos 1302.01