S.C. Code Regs. § § 62-820
The purposes of this Act are to further the State's efforts to promote the intellectual development of its citizens and to enhance statewide economic development through initiatives in higher education by providing incentives to individuals, corporations, or private funding organizations to create endowments to support teaching and learning, academic research, and academic student scholarships in South Carolina's public colleges and universities. The impact of newly created endowment gifts made on or after July 1, 1997, will be enhanced by creating the South Carolina Higher Education Matching Gift Fund. The Fund will be supported by appropriations made by the General Assembly and administered by the Commission on Higher Education as a source of matching funds for the new gifts made to endowments on or after July 1, 1997.
S.C. Code Regs. § 62-820