Montana Code 20-25-456. Voluntary contribution account for Montana’s universities, colleges, and community colleges
20-25-456. Voluntary contribution account for Montana’s universities, colleges, and community colleges. (1) There is an account in the state special revenue fund established by 17-2-102 to be known as the Montana university system assistance account. The board of regents shall deposit donations to the Montana university system assistance program in the account as provided in 20-25-455.
Terms Used In Montana Code 20-25-456
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Board of regents: means the board of regents of higher education created by Article X, section 9, subsection (2), of the Montana constitution and 2-15-1505. See Montana Code 20-1-101
- Donor: The person who makes a gift.
- fund: means a separate detailed account of receipts and expenditures for a specific purpose as authorized by law or by the superintendent of public instruction under the provisions of subsection (2). See Montana Code 20-9-201
- Regents: means the board of regents of higher education. See Montana Code 20-1-101
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- System: means the Montana university system. See Montana Code 20-1-101
- University: means the university of Montana-Missoula. See Montana Code 20-1-101
(2)All donations must be from a private source and may not be expended for any purpose other than for the benefit of qualifying institutions.
(3)Earnings in the account are allocable to each qualifying institution in proportion to each qualifying institution’s share of the account balance.
(4)The board of regents shall distribute donor contributions to the qualifying institution’s endowment fund. A distribution may not exceed the institution’s allocation and must be used for the purpose established by the donor as provided in 20-25-455(2)(d). The distributions are derived from a private nonstate source and are payable without an appropriation pursuant to 17-8-101.