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Introduced Version Senate Bill 207 History

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Key: Green = existing Code. Red = new code to be enacted


Senate Bill No. 207

(By Senators Tomblin (Mr. President) and Sprouse

By Request of the Executive)

____________

[Introduced January 15, 2002; referred to the Committee

on Education; and then to the Committee on Finance.]

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A BILL to amend and reenact article twenty-two-a, chapter eighteen of the code of West Virginia, one thousand nine hundred thirty-one, as amended, relating to the abolition of the distinguished professors endowment fund and the eminent scholars endowment trust fund acts; the eminent scholars trust fund at each state institution of higher education; providing for administration of such funds by the board of governors at such institutions; providing for solicitation, acceptance, management and disposition of moneys supporting the fund; allowing salary supplements to certain faculty; setting forth selection criteria for eminent scholars; and providing for annual report to the Legislature.

Be it enacted by the Legislature of West Virginia:
That article twenty-two-a, chapter eighteen of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended and reenacted to read as follows:
ARTICLE 22A. EMINENT SCHOLARS ENDOWMENT TRUST FUND ACT.
§18-22A-1. Legislative findings.

The Legislature hereby finds that the essence of excellence in higher education is the attraction and retention of outstanding faculty; that however necessary modern facilities and efficient and effective administration may be, the faculty provides the catalyst by which all the elements of higher education combine to offer a quality education. The Legislature further finds that the attraction and retention of outstanding faculty at all state colleges and universities, particularly those who have attained distinction as scholars, teachers and researchers, requires a long-term and permanent commitment from both public and private sources, that private support will help strengthen the commitment of citizens and organizations to the promotion of excellence in higher education and will provide moneys for salaries competitive with those paid to faculty of similar eminence working for this country's leading colleges and universities.
The Legislature further finds that the appropriations of public moneys to attract and retain outstanding faculty and to encourage the commitment of private moneys with a view toward the accumulation of such moneys in trust funds for such purposes is a proper annual expense of the state, and that the establishment of an eminent scholars trust fund at each state institution of higher education is a proper means of providing for the advancement of public higher education in this state.
§18-22A-2. Definition.
Whenever the following term is used in this article, it shall have the meaning described below:
"Board of governors" or "board" means the members of the board of governors at each state institution of higher education.
§18-22A-3. Establishment of funds.
There is hereby established at each state institution of higher education an eminent scholars endowment fund.
§18-22A-4. Powers.
(a)Each board of governors is hereby expressly authorized to receive private or public grants, gifts or bequests restricted by the donor to the programs set out in this article. It may hold, invest or reinvest such moneys and expend the income therefrom as hereinafter provided.
(b)Each board shall be exempt from liability for any loss or decrease in value of the assets or income of the fund, except as such losses or decreases in value are shown to be the result of bad faith, gross negligence or intentional misconduct.
For the purpose of valuing assets, a board may use any commonly accepted techniques of appraisal or commonly accepted principles of accounting. No agency of government nor any person, natural or corporate, may charge or collect any fee or receive any part of the principal or income from any appropriation, grant, gift or bequest as a fee for the acquisition or administration of the appropriation, grant, gift or bequest.
(c)A board shall adhere at all times to the terms and limitations of any appropriation, grant, gift or bequest received. However, a board may refuse to receive any grant, gift or bequest which incorporates terms and limitations which they deem to be unacceptable.
(d)A board may in its sole discretion borrow money when necessary in order to avoid the untimely sale of assets. At no time, however, may the board incur any debt obligation for such purpose which exceeds twelve months in duration.
§18-22A-5. Administration of fund.
(a)There is hereby established an eminent scholars faculty endowment fund at each state institution of higher education to be administered by its board of governors. The fund at each institution shall consist of new gifts or bequests of private moneys specifically restricted and designated for the uses set out in this article.
(b)Gifts and bequests received after the first day of July, two thousand two, and restricted by the donor for use consistent with the purposes of this article constitute the principal in these accounts. The principal in each account may not be expended for any purpose. Each board of governors shall adopt a spending policy to protect the principal and the purchasing power of the original gift.
(c)Investment yield accruing in each account during the previous fiscal year may be expended for the purposes set out in this article. The Legislature will attempt to appropriate to each account each fiscal year an amount equal to the investment earnings in the previous fiscal year under this article. The first such appropriations shall be made for the fiscal year beginning the first day of July, two thousand three, and shall be allocated to the institutions in equal quarterly installments at the beginning of each quarter.
(d)The investment yield accrued and the matching funds appropriated by the Legislature shall be used solely to supplement the base salaries of faculty appointed as eminent scholars after the first day of July, two thousand two, and selected as set out in this article.
(e)Gifts and bequests constituting the principal in these accounts may not consist of institutional funds or funds or assets received from the institution's affiliated foundation.
(f)The higher education policy commission will establish documentation standards and review procedures to determine the eligibility of donor gifts to participate in the eminent scholars program when the gift is initially received or if the terms are significantly changed. Each participating institution will report on total gifts received, investment yield realized and anticipated expenditures in its annual operating budget request. The higher education policy commission will present a consolidated budget request for the program and allocate appropriated funds among the participating institutions.
(g)For the purpose of encouraging the donation of private moneys to the fund, each board may designate specific chairs or specific areas of academic study or research as subjects of challenge grants. A specific chair, or a chair in a designated academic or research area, shall be established whenever the total amount of principal and accumulated investment yield dedicated to it reaches an amount deemed sufficient by the board to support the anticipated salary supplement for the chair.
(h)Salary supplements awarded under this article shall be in addition to the base contract salary of the faculty member. The base contract salary of the faculty member shall be consistent with that of other similarly situated faculty at the institution with the same rank, experience, and field of study and shall be paid from funds other than those constituting the endowment accounts established pursuant to this article, investment yields authorized for expenditure by the institutions spending policy, or the state appropriation to match the eligible investment yield.
§18-22A-6. Selection of eminent scholars.
Each institution shall establish criteria for the selection of persons to be appointed as eminent scholars pursuant to this article. Appointees shall have a record of distinguished academic or professional work in an appropriate field such to be judged in national terms and verified by the department or college benefiting from such salary supplement and shall be recruited for the purposes of increasing the quality and reputation of academic programs and economic development through new research centers. Appointees shall submit to peer review at such department or college and such other review procedures as may be established by the institution.
§18-22A-7. Authorization to solicit private moneys; terms of grants; reports; handling of moneys.

Each institution, and each dean and department chair within each institution, is hereby authorized to solicit moneys for the endowment of eminent scholars pursuant to this article. All persons and institutions engaged in soliciting moneys shall apprize the board of their actions and provide periodic reports, at least once each fiscal year, regarding the amounts secured and, upon receipt of any moneys, shall forward them forthwith to the board for deposit.
§18-22A-8. Other funds.
The eminent scholars endowment trust fund act established previously by this article and the distinguished professors endowment trust fund act set out in article twenty-two-e, chapter eighteen of this code are abolished effective the first day of July, two thousand two. All funds existing in accounts established in the above two acts are hereby transferred to the institution for which they were previously designated. Funds utilized to fund chairs or professorships established under the above two acts shall continue to be utilized for the purposes and in the manner previously designated. Funds accrued under these two acts may not be transferred to the trust funds established by this article.
§18-22A-9. Annual report.
The higher education policy board shall make an annual report to the West Virginia Legislature on the status of the programs, the qualifications and accomplishments of the eminent scholars, the value of endowment holdings, the investment earnings realized and salary supplements paid.



NOTE: The purpose of this bill is to abolish the previously established distinguished professors endowment fund and the eminent scholars endowment trust acts, replacing them with the eminent scholars endowment trust fund as established and managed at each state institution of higher education through their respective boards of governors. Provisions relating to the solicitation, acceptance and management of moneys deposited pursuant to this bill are set forth. Each institution shall establish selection criteria to select eminent scholars. Salary supplements are provided for certain faculty members.

This article has been completely rewritten; therefore, strike-throughs and underscoring have been omitted.



























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