(a) There is established an account to be known as the “Philanthropic Match account” which shall be a separate, nonlapsing account within the General Fund. The account shall contain any moneys required by law to be deposited in the account.

Terms Used In Connecticut General Statutes 10-265ff

  • 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.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.

(b) Moneys in the account shall be expended by the Secretary of the Office of Policy and Management to match philanthropic gifts made by the philanthropic enterprise to the corporation described in § 10-265aa, upon certification to the secretary by the philanthropic enterprise that it has transferred twenty million dollars to the corporation, pursuant to § 10-265dd. The secretary may enter into agreements with other state agencies or private entities in order to make payments of the moneys in this account to the corporation.

(c) The secretary may expend twenty million dollars under this section in any fiscal year, for a maximum of five fiscal years, provided the secretary has entered into an agreement under which the corporation described in § 10-265aa confirms that it has received an equivalent amount for such fiscal year from the philanthropic enterprise.

  Previous section
Next section  
 Chapter 172 Contents