West Virginia Code 18B-18A-10 – Distributions to state colleges
(a) The commission may use a portion of those moneys derived from investment earnings accruing to the trust fund in accordance with the provisions of section three of this article, as well as moneys that are not distributed to participating institutions in accordance with the provisions of section nine of this article, to distribute state matching moneys to state colleges, as that term is defined in section two of this article.
Terms Used In West Virginia Code 18B-18A-10
- commission: means the commission created by §. See West Virginia Code 18B-1-2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- rules: means a regulation, standard, policy, or interpretation of general application and future effect. See West Virginia Code 18B-1-2
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
(b) In the rules required by section eleven of this article, the commission shall establish procedures for the competitive application and review of requests from state colleges and criteria for the eligible use of moneys distributed pursuant to this section.
(c) To qualify for a distribution of state matching moneys pursuant to this section, a state college shall meet the following conditions:
(1) Obtain qualified donations in an amount equal to or greater than the amount of matching moneys requested for distribution from the trust fund; and
(2) Deposit the qualified donations and any matching moneys distributed from the trust fund into the accounts of the institution or its affiliated research corporation or foundation.
(d) State matching moneys may be expended only for a research-oriented initiative approved by the commission.