South Carolina Code 59-118-30. Definitions
(1) "Qualifying college or university" means a state-supported, post-secondary two-year or four-year educational institution including college or university regional campuses offering undergraduate, master, or doctoral programs, a technical college under the jurisdiction of the State Board for Technical and Comprehensive Education, and a regional campus of the University of South Carolina.
Terms Used In South Carolina Code 59-118-30
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2) "Endowments" mean permanent gifts or donations to the qualifying college or university or its principal foundation including cash, income producing securities, an income producing business, real property, personal property, fixed assets, mortgage notes, and life income gifts or bequests. Research grants and funds received by the institution in the performance of a contractual obligation are not an endowment for purposes of this chapter.
(3) "Principal foundation" means a foundation designated by the Board of Trustees of the qualifying college or university and registered with the South Carolina Secretary of State.
(4) "Year" means a state fiscal year beginning on the first day of July and ending the following June thirtieth.