S.C. Code Regs. § § 62-890

Current through Register Vol. 48, No. 9, September 27, 2024

Section 62-890 - Procedures for Submission and Documentation of Requests of Matching Gift Funds

A. Matching Gift Funds are to be requested through the Commission on Higher Education annually, on or before September 30, based on the current earnings of qualifying endowments from the prior fiscal year. The Commission will distribute an appropriate Request for Matching Gift Funds form on which the institution will be required to display the name or identification code of the qualifying endowment(s), their dates of creation, and the endowment current earnings from the fiscal year ending on the prior June 30. After the initial year of the program, the Request Form will also require identification and verification of expenditures of the Matching Gift Funds distributed from the prior year on academic activities as defined in section 62-835.I.

B. A summary report about the allocation and expenditure of Matching Gift Funds will be provided annually by the Commission to the General Assembly each February.

C. The information provided on the Matching Gift Fund Request Form is subject to program audits by the Commission on Higher Education. In the event that a Commission program audit reveals errors in the request made for matching funds, the amount disbursed, or inappropriate expenditures of matching gift funds, the institution's request for Matching Funds in the ensuing year will be adjusted accordingly.

S.C. Code Regs. § 62-890

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.