SF0026 • 2014

Endowment challenge program-state funds inviolate.

AN ACT relating to the University of Wyoming endowment challenge program; clarifying that the corpus derived from state matching funds is inviolate and limiting expenditures from the corpus as specified; and providing for an effective date.

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: Judiciary
Last action: 2014-03-06
Official status: enrolled
Effective date: 7/1/2014

Plain English Breakdown

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Amendments

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SF0026SS001

Standing Committee • SCHIFFER

Adopted

Plain English: Adopted Standing Committee by SCHIFFER

This amendment summary is using official source text because generated interpretation was skipped for this run.
The official amendment text was available, but an easy plain-English summary could not be produced automatically during the last sync.

Bill History

2014-03-06 LSO
Assigned Chapter Number
2014-03-03 Governor
Governor Signed SEA0003
2014-02-27 House
H Speaker Signed SEA No. 0003
2014-02-26 Senate
S President Signed SEA No. 0003
2014-02-26 LSO
Assigned Number SEA0003
2014-02-26 House
H Passed 3rd Reading
2014-02-25 House
H Passed 2nd Reading
2014-02-24 House
H Passed CoW
2014-02-20 House
H Placed on General File
2014-02-20 House
H01 Recommended Do Pass
2014-02-19 House
H Introduced and Referred to H01
2014-02-18 House
H Received for Introduction
2014-02-14 Senate
S Passed 3rd Reading
2014-02-13 Senate
S Passed 2nd Reading
2014-02-12 Senate
S Passed CoW
2014-02-12 Senate
S Amendments Adopted
2014-02-12 Senate
Amendment Adopted
2014-02-12 Senate
S Placed on General File
2014-02-12 Senate
S01 Recommended Amend and Do Pass
2014-02-11 Senate
S Introduced and Referred to S01
2014-02-10 Senate
S Received for Introduction
2013-12-18 LSO
Bill Number Assigned

Official Summary Text

Bill No.: <billno> Drafter: <drafterinit>

Bill No.:
SF0026
Drafter:

LNS

LSO No.:
14LSO-0105
Effective Date:

7/1/2014

Enrolled Act No.:
SEA0003

Chapter No.:
CH0003

Prime Sponsor:
Joint Judiciary Interim Committee

Catch Title:
Endowment challenge program-state funds inviolate.

Subject:
University of Wyoming endowment challenge program.

Summary/Major
Elements:

This bill relates to the University of Wyoming challenge
endowment program. Under the program, the State provides funds to the
University of Wyoming to match private donations to the University of Wyoming
Foundation. The funds are managed by the Foundation.

This bill clarifies that the Foundation cannot spend any
of the corpus of the matching funds received from the State unless the
expenditure is for the reasonable costs of administering the matching funds.

Current Bill Text

Read the full stored bill text

WORKING DRAFT

ORIGINAL SENATE
FILE

NO.
0026

ENROLLED ACT NO. 3, SENATE

SIXTY-SECOND LEGISLATURE OF THE STATE OF WYOMING
2014 BUDGET SESSION

AN ACT relating to
the
U
niversity of Wyoming e
nd
owment challenge program;
clarifying
that the corpus
derived from
state matching f
unds is inviolate and limiting
expenditure
s

from
the corpus
as specified;

requiring a report;
and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1.

W.S. 21
‑
16
‑
904(a)(iii)
and by creating a new subsection (d)
is amended to read:

21
‑
16
‑
904.

Endowment challenge fund matching fund program; matching payments; agreements with university foundation; annual reports; reversions of appropriations; legislative oversight.

(a)

The state treasurer shall administer the matching fund program established under this section. The following shall apply to the program:

(iii)

The university shall immediately transfer all matching funds received to the university foundation to be permanently invested. The university shall enter into a new agreement or modify its existing agreement with the University of Wyoming foundation under which the foundation shall manage the matching funds it receives in the same manner as other permanent endowment funds managed by the University of Wyoming foundation

subject to the provisions of this section
.
Expenditures may be made from that
portion
of the funds attributable to endowment gifts received in accordance with the
Uniform Prudent Management of Institutional Funds Ac
t.
Notwithstanding
that
a
ct
, o
n
ly
the earnings from the investment of
these

state matching

funds

may be expended

for purposes other than reasonable costs of administration
.

These earnings shall be expended

All
expenditures shall be
used

exclusively for the purposes of the endowment, including
increasing the balance in the corpus and for

reasonable costs of administration
. Earnings also may be reinvested to increase the balance of the corpus
;

(d)

As used in this section "earnings from the investment of state matching funds" means that amount of net appreciation, realized and unrealized, in the fair value of assets of the endowment fund attributable to
all
state matching funds which exceeds the
total
amount of those state matching funds when distributed by the state treasurer to the
u
niversity.

Section 2.

The University of Wyoming shall report to the joint judiciary interim committee no later than October 15, 2014 on the creation of a stabilization reserve account for the endowment gifts and matching state funds managed under W.S. 21
‑
16
‑
904.

Section
3
.

Th
is act is effective July 1, 2014.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the Senate.

Chief Clerk