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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 610. State Regents for Higher Education |
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Chapter 20. Fiscal Affairs |
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Subchapter 1. Regents' Endowment Fund Program |
SECTION 610:20-1-2. Administration of Endowment Fund
Latest version.
- (a) The Endowment Trust Fund shall be administered by the State Regents in their role as trustees. The Endowment Fund shall be a permanent fund and shall be used for the purposes of establishing and maintaining endowed chairs and professorships at institutions in The Oklahoma State System of Higher Education, and for any other related activities approved by the State Regents to improve the quality of higher education instruction at State System institutions.(b) Upon authorization of the State Regents, an endowment fund will be established in the State Regents' Agency Special Account or in a custodian bank or trust company to receive monies appropriated by the Legislature, as well as any monies or assets contributed from any source, public or private.(c) No earnings of the trust fund shall be used for the administrative expenses of the office of the State Regents for Higher Education; expenses incurred by the State Regents in the administration of the trust fund and of the endowment program shall be paid from monies appropriated for the general operating budget of the coordinating board.