W. Va. Code R. § 133-48-2

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 133-48-2 - Definitions

2.1. Commission. West Virginia Higher Education Policy Commission.

2.2. Chancellor. Individual employed as Chancellor for Higher Education pursuant to W.Va. Code § 18B-1B-5.

2.3. Competitive Award. Any grant or fund transfer provided through a process that is initiated by an open request for proposals, includes a merit review, and results in a selected number of grants being provided to support proposed activities.

2.4. Designation. A specification made by either the donor or the institution that sets forth the exact use or specific endowment placement for a gift.

2.5. Directed Research Endowment or Research Endowment. An account established at or administered by a participating institution or its affiliated research corporation or foundation for purposes of funding qualified activities under this program.

2.6. Directed Research Endowment Plan or Research Plan. The strategies and procedures formally approved and adopted by a governing board of a participating institution outlining how the institution proposes to use directed research endowment proceeds to meet research goals and objectives.

2.7. Directed Research Endowment Proceeds or Endowment Proceeds. Investment earnings accruing to a participating institution's directed research endowment and available for expenditure by the participating institution or its affiliated research corporation.

2.8. Foundation. A corporation created, organized and located in West Virginia that meets the following conditions:

2.8.a. Is organized and operated for educational purposes in support of one or more state institutions of higher education and other affiliated organizations;

2.8.b. Is designated by the governing board of one or more state institutions of higher education to receive charitable contributions for educational purposes on behalf of the institution or institutions;

2.8.c. Does not have any part of its earnings inuring to the benefit of any private shareholder or individual;

2.8.d. Is not disqualified from tax exemption under 26 U.S.C. § 501(c)(3) for any reason; and,

2.8.e. Does not participate or intervene in, on behalf of or in opposition to any political campaigns for public office.

2.9. Fiscal Year. The state fiscal budget year which begins on July 1 and ends on June 30.

2.10. Participating Institution. Marshall University, West Virginia University, or West Virginia State University.

2.11. Qualified Private Donation or Qualified Donation. Any private donation, gift, or external bequest provided to a directed research endowment on or after March 8, 2008.

2.12. Qualified Private Donation Pledge or Qualified Pledge. Any pledge, commitment, or other agreement to give a private donation to a directed research endowment that is made pursuant to a written agreement between the donor and the appropriate institution or its affiliated research corporation or foundation on or after March 8, 2008.

2.13. Research Corporation. An organization created pursuant to the provisions of W.Va. Code § 18B-12-1et seq.

2.14. State College. The West Virginia School of Osteopathic Medicine, Bluefield State College, Concord University, Fairmont State University, Glenville State College, Shepherd University, or West Liberty University for the purposes of this rule.

2.15. State Match or Match Funds. Any and all funds awarded from the trust fund in response to a private qualified donation.

2.16. STEM Fields. All science, technology, engineering and mathematics disciplines as defined by the Commission master plan.

2.17. Trust Fund. The special account designated as the West Virginia Research Trust Fund and administered by the Commission.

2.18. Vice Chancellor for Science and Research or Vice Chancellor. The Commission's chief scientific employee charged with overseeing the trust fund, compliance with these rules, record keeping, and authorization of disbursement of funds under the general direction of the Chancellor.

W. Va. Code R. § 133-48-2