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SF0027 • 2014

Endowment challenge program-fees.

AN ACT relating to the University of Wyoming endowment challenge program; specifying limits on expenditures for costs of administration; 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

The plain English breakdown is still being put together. The official documents below are already here.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

SF0027S2001

2nd reading • HICKS

Failed

Plain English: Failed 2nd reading by HICKS

  • 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.
SF0027S2002

2nd reading • HICKS

Filed

Plain English: Filed 2nd reading by HICKS

  • 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.
SF0027S2002.01

2nd reading • HICKS

Adopted, Corrected

Plain English: Adopted, Corrected 2nd reading by HICKS

  • 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.
SF0027S2002.02

2nd reading • HICKS

Failed, Corrected

Plain English: Failed, Corrected 2nd reading by HICKS

  • 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.
SF0027SS001

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

  1. 2014-03-06 LSO

    Assigned Chapter Number

  2. 2014-03-03 Governor

    Governor Signed SEA0004

  3. 2014-02-27 House

    H Speaker Signed SEA No. 0004

  4. 2014-02-26 Senate

    S President Signed SEA No. 0004

  5. 2014-02-26 LSO

    Assigned Number SEA0004

  6. 2014-02-26 House

    H Passed 3rd Reading

  7. 2014-02-25 House

    H Passed 2nd Reading

  8. 2014-02-24 House

    H Passed CoW

  9. 2014-02-20 House

    H Placed on General File

  10. 2014-02-20 House

    H01 Recommended Do Pass

  11. 2014-02-19 House

    H Introduced and Referred to H01

  12. 2014-02-18 House

    H Received for Introduction

  13. 2014-02-14 Senate

    S Passed 3rd Reading

  14. 2014-02-13 Senate

    S Passed 2nd Reading

  15. 2014-02-13 Senate

    Amendment Failed

  16. 2014-02-13 Senate

    Amendment Adopted

  17. 2014-02-13 Senate

    Amendment Failed

  18. 2014-02-12 Senate

    S Passed CoW

  19. 2014-02-12 Senate

    S Amendments Adopted

  20. 2014-02-12 Senate

    Amendment Adopted

  21. 2014-02-12 Senate

    S Placed on General File

  22. 2014-02-12 Senate

    S01 Recommended Amend and Do Pass

  23. 2014-02-11 Senate

    S Introduced and Referred to S01

  24. 2014-02-10 Senate

    S Received for Introduction

  25. 2013-12-18 LSO

    Bill Number Assigned

Official Summary Text

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

Bill No.:
SF0027
Drafter:

LNS

LSO No.:
14LSO-0106
Effective Date:

7/1/2014

Enrolled Act No.:
SEA0004

Chapter No.:
CH0004

Prime Sponsor:
Joint Judiciary Interim Committee

Catch Title:
Endowment challenge program-fees.

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 and the State pays the
Foundation for the reasonable costs of administering the matching funds.

This bill clarifies the amount the State will pay the
Foundation for reasonable costs of administering the state matching funds.

Current Bill Text

Read the full stored bill text 
WORKING DRAFT

ORIGINAL SENATE
FILE

NO.
0027

ENROLLED ACT NO. 4, SENATE

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

AN ACT relating to the U
niversity of Wyoming endowment challenge program;
specifying limits on expenditures for costs of administration;
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) 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. Only the earnings from the investment of these funds may be expended. These earnings shall be expended exclusively for the purposes of the endowment, including increasing the balance in the corpus and for reasonable costs of administration
.
Reasonable costs of administration shall not exceed an annual rate of one percent (1%) of the fair value of each
state matching fund account
held by the foundation that is
associated with a s
ubstantial endowment gift received by the foundation under W.S. 21
‑
16
‑
902(a)(iii). The costs of
administration shall be assessed quarterly at one-fourth (1/4) the annual rate as specified in this subsection or as otherwise specified by law. The fair value of each state
matching fund account
held by the foundation shall be determined by the foundation as of the last day of the preceding quarter. Any modification of costs of administration allowed
shall be

effected through
a
footnote
to the University of Wyoming's general appropriation
in
the
general government appropriations bill
or in a
300

section of the general government appropriations bill
. Upon the modification of any costs of administration to an amount above one percent (1%), the University of Wyoming foundation shall submit to the joint appropriations interim committee a detailed financial accounting of all costs of administration incurred during the fiscal year
;

Section 2.

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

1