South Carolina Code 59-118-80. Conditions on matching gifts
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The state matching gifts authorized in § 59-118-70 are subject to the following conditions:
(1) qualifying disbursements to which the state matching gift is applied must come from the earnings of the endowment and not from principal or corpus;
Terms Used In South Carolina Code 59-118-80
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
(2) the state matching funds must go directly into the college’s or university’s operating account to be spent only for the purposes authorized;
(3) the college or university must make application to receive state matching funds on forms and under procedures prescribed by the Commission on Higher Education.