Enrolled Version - Final Version
Senate Bill 239 History
OTHER VERSIONS -
Senate Bill No. 239
(By Senators Kessler (Acting President) and Hall,
By Request of the Executive)
[Passed March 12, 2011; in effect from passage.]
Be it enacted by the Legislature of West Virginia
AN ACT to amend and reenact §18B-18A-9 of the Code of West
Virginia, 1931, as amended, relating to higher education-
directed research endowments; extending the date upon which
moneys must be deposited into research endowments operated by
participating institutions; and altering the time period for
reallocation of matching moneys.
That §18B-18A-9 of the Code of West Virginia, 1931, as
amended, be amended and reenacted to read as follows:
ARTICLE 18A. DIRECTED RESEARCH ENDOWMENTS.
§18B-18A-9. Reallocation of matching moneys.
(a) No later than seven years from the effective date of this
article, each participating institution shall have deposited into
its research endowments an amount of qualified donations equal to or greater than the total amount of moneys allocated for
distribution to the institution pursuant to the provisions of
subsection (c), section three of this article.
(1) If one of the participating institutions fails to have
deposited into its research endowments the requisite amount of
qualified donations by the end of this seven-year period, then any
portion of the moneys allocated to the institution that has not
been distributed shall be reallocated for distribution to the other
participating institution pursuant to the terms of this article.
(2) To be eligible to receive a distribution of reallocated
moneys pursuant to this subsection, the other participating
institution shall have qualified donations in excess of the amount
required by subsection (a) of this section deposited into its
research endowment(s) in an amount equal to or greater than the
amount of reallocated moneys.
(3) If the other participating institution does not have
excess qualified donations on deposit, the reallocated moneys shall
be made available for distribution by the commission to state
colleges in accordance with the provisions of section ten of this
(b) If any pledge previously used by a participating
institution to obtain a distribution of matching moneys from the
trust fund has not been paid in full within seven years from the
effective date of this article, then the institution shall return the unmatched portion of state moneys to the trust fund. These
moneys shall be reallocated for distribution to the other
participating institution or to the state colleges pursuant to the
terms of this section and section ten of this article as
(c) If both participating institutions fail to have deposited
into their respective research endowments the requisite amount of
qualified donations within seven years from the effective date of
this article, then any moneys remaining in the trust fund that have
not been distributed shall be made available for distribution by
the commission to state colleges in accordance with the provisions
of this article.