Kentucky Statutes 164.7534 – Endowment trust for student financial assistance benefits — Authority to establish corporation to administer — Annual report
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(1) The board is authorized to incorporate an organization pursuant to KRS Chapter
273 for the eleemosynary, charitable, and educational purposes of administering an endowment trust. The organization so created shall be an instrumentality of the Commonwealth, but shall possess no part of the sovereign powers of the Commonwealth. The corporation shall be created to qualify as a tax exempt organization pursuant to Section 501(c)(3) of the Internal Revenue Code.
(2) The endowment trust created pursuant to subsection (1) of this section shall solicit and accept gifts, grants, donations, bequests, or other endowments, including general fund appropriations from the Commonwealth and grants from any federal or other governmental agency, for the purposes of the endowment trust.
(3) The endowment trust shall provide student financial assistance benefits, including but not limited to college access programs administered by the board or grants, scholarships, or loans to pay higher education costs of Kentucky residents who enroll in an institution of higher education in Kentucky.
(4) Any gifts, grants, or donations made by any governmental unit or any person, firm, partnership or corporation to the endowment trust shall be a grant, gift, or donation for the accomplishment of a valid public, eleemosynary, charitable, and educational purpose.
(5) The endowment trust shall submit an annual audited report to the board not later than the fifteenth of each September.
Effective: June 24, 2015
History: Repealed, reenacted, and amended 2015 Ky. Acts ch. 94, sec. 1, effective June
24, 2015. — Created 1992 Ky. Acts ch. 190, sec. 1, effective July 14, 1992.
Formerly codified as KRS § 164A.337.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, J, 2, (10) at 1694.
273 for the eleemosynary, charitable, and educational purposes of administering an endowment trust. The organization so created shall be an instrumentality of the Commonwealth, but shall possess no part of the sovereign powers of the Commonwealth. The corporation shall be created to qualify as a tax exempt organization pursuant to Section 501(c)(3) of the Internal Revenue Code.
Terms Used In Kentucky Statutes 164.7534
- branch budget: means an enactment by the General Assembly which provides appropriations and establishes fiscal policies and conditions for the biennial financial plan for the judicial branch, the legislative branch, and the executive branch, which shall include a separate budget bill for the Transportation Cabinet. See Kentucky Statutes 446.010
- 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.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Institution: means a university, college, community college, health technology center, vocational-technical school, technical institute, technical college, technology center, or the Kentucky Community and Technical College System. See Kentucky Statutes 164.001
- Public: means operated with state support. See Kentucky Statutes 164.001
(2) The endowment trust created pursuant to subsection (1) of this section shall solicit and accept gifts, grants, donations, bequests, or other endowments, including general fund appropriations from the Commonwealth and grants from any federal or other governmental agency, for the purposes of the endowment trust.
(3) The endowment trust shall provide student financial assistance benefits, including but not limited to college access programs administered by the board or grants, scholarships, or loans to pay higher education costs of Kentucky residents who enroll in an institution of higher education in Kentucky.
(4) Any gifts, grants, or donations made by any governmental unit or any person, firm, partnership or corporation to the endowment trust shall be a grant, gift, or donation for the accomplishment of a valid public, eleemosynary, charitable, and educational purpose.
(5) The endowment trust shall submit an annual audited report to the board not later than the fifteenth of each September.
Effective: June 24, 2015
History: Repealed, reenacted, and amended 2015 Ky. Acts ch. 94, sec. 1, effective June
24, 2015. — Created 1992 Ky. Acts ch. 190, sec. 1, effective July 14, 1992.
Formerly codified as KRS § 164A.337.
2022-2024 Budget Reference. See State/Executive Branch Budget, 2022 Ky. Acts ch.
199, Pt. I, J, 2, (10) at 1694.