W. Va. Code R. § 133-48-8

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

Section 133-48-8 - Distribution from the Trust Fund; Documentation Required

8.1. A participating institution seeking a distribution of state matching funds from the trust fund first shall obtain qualified donations and/or qualified pledges meeting the conditions in section 7 in an amount equal to the amount of matching moneys requested for distribution and shall submit a request to the Commission setting forth the following:

8.1.a. The amount of qualified donations and/or qualified pledges used to request matching moneys from the trust fund and the total amount of any previous distributions of matching moneys from the trust fund;

8.1.b. The amount requested for distribution to the participating institution;

8.1.c. A designation of the applicable research endowment(s) into which the requested matching moneys are to be deposited, e.g., "The Joe and Sally Smith Endowed Chair in Chemistry;" and

8.1.d. An explanation of how the proposed use of the endowment proceeds furthers the purposes of the trust fund and addresses the research needs of the participating institution as identified in the research plan, including any additional strategic objectives or outcomes that have been established for the specific endowed research activity.

8.2. In conjunction with the written request, the institution shall submit documentation for the external qualified gifts and/or pledges including:

8.2.a. A cover letter that transmits the documentation, any particulars, and information required by this Section;

8.2.b. A pledge letter specifying the designation, amount and payment schedule signed by the donor for qualified pledges;

8.2.c. A deposit ticket or gift receipt and any designation identified by the donor for qualified donations;

8.2.d. A designation made in writing by the institution and submitted with the request if a qualified gift is undesignated by the donor;

8.2.e. An invoice for the amount requested from the trust fund, specifying the endowment into which the state match is to be deposited;

8.2.f. Designation of a technical manager or responsible institutional contact such as a dean, academic officer, or research director, who shall oversee the implementation or supervision of the activity, program or individual sponsored by the endowed funds. Complete contact information shall be provided; and

8.2.g. Designation of a financial manager or compliance officer who shall be responsible for all associated financial statements or reports relating to the endowed funds or expenditures of proceeds. Complete contact information shall be provided.

8.3. The participating institution shall cause the state matching funds to be transferred to its affiliated foundation.

8.3.a. State matching funds are to be invested in the same manner as institutional endowment funds relative to availability under section 11.1 of this rule.

W. Va. Code R. § 133-48-8