Section 390.1232 - Notice of grant or contract; contents; new public record; disclosures as public records(1) Every college which during any calendar year receives a grant, or enters into a contract, the aggregate value of which exceeds $100,000.00, shall notify the department's office of revenue and tax analysis in writing not later than 20 days after the close of the fiscal quarter in which the grant was received or the contract entered into.(2) Each notification required by this act shall provide all of the following information: (a) The name and address of the donor of the grant or the parties to the contract.(b) The amount and date of the contract.(c) If a grant or contract is conditional, matching, or designated for a specific purpose, a full description of the condition, matching condition, or designation.(d) The subject of the grant or contract.(e) The name, title, and qualifications of any person or group whom the grant is explicitly intended to benefit.(3) This section does not require a college to create a new public record if all of the information required by subsection (2) is already contained in an existing record which can be provided to the department's office of revenue and tax analysis.(4) All disclosures provided pursuant to this act shall be public records subject to the freedom of information act, Act No. 442 of the Public Acts of 1976, being sections 15.231 to 15.246 of the Michigan Compiled Laws.1986, Act 90, Imd. Eff. 5/1/1986.