S.C. Code Regs. § § 62-860
Current through Register Vol. 48, No. 11, November 22, 2024
Section 62-860 - The South Carolina Higher Education Matching Gift FundA. State matching funds appropriated for use in this program will be placed in a separate account called the South Carolina Higher Education Matching Gift Fund which shall be managed by the State Treasurer. Of the total funds available in any given fiscal year, not more than sixty percent can be awarded to the University of South Carolina at Columbia, Clemson University, and the Medical University of South Carolina combined, in the initial disbursement of matching funds. For purposes of determining the amount of matching funds allowable for the University of South Carolina, qualifying earnings on the Columbia campus only will be used for determining the match from the Gift Fund: University of South Carolina-Spartanburg and University of South Carolina-Aiken are eligible to participate in the program with the other colleges and universities.B. The match from the Gift Fund will be determined in accord with the following principles: (1) Sixty percent of Gift Fund monies will be reserved for the three research universities for match on a dollar-for-dollar basis. In the event that funds qualifying for match exceed the amount available for match, Gift Fund monies will be distributed in proportion to the total requested for matching by the research universities.(2) Forty percent of Gift Fund monies will be reserved for the technical colleges and four-year teaching universities for match on a dollar-for-dollar basis. In the event that funds qualifying for match exceed the amount available for match, Gift Fund monies will be distributed in proportion to the total requested for matching by the technical colleges and four-year teaching universities.(3) In the event that Gift Fund monies remain unallocated to either the research universities or to the other colleges and universities from their respective percentage pools, these funds will be distributed to institutions in the other sector as a secondary distribution in the same proportion as their own sector funds were distributed. If funds are still available, they will be carried forward to the next fiscal year.(4) In neither the initial nor in the secondary distribution nor in the sum of the initial and secondary disbursements may the Matching Gift Funds exceed a 1:1 ratio.Added by State Register Volume 22, Issue No. 6, Part 3, eff June 26, 1998; Amended by State Register Volume 23, Issue No. 5, eff May 28, 1999.