Section Pos 1306.01 - Investment of State Matching Funds(a) All state matching funds shall be deposited in the participating institution's endowment fund.(b) Funds in the participating institution endowment fund shall only be: (1) Awarded to designated granite state scholars at the participating institution as need- and merit-based scholarships; or(2) Reinvested in the endowment fund.(c) Consistent with RSA 292-B:5, the participating institution may deduct development fees for the cost of raising and managing funds in the participating institution endowment fund.(d) At no time shall the principal of the participating institution endowment fund be diminished by administrative costs or development fees.(e) The participating institution endowment fund shall be managed by the institution in compliance with these rules and any applicable state statutes.N.H. Admin. Code § Pos 1306.01