(a) The Tennessee Intercollegiate State Legislature Foundation is eligible to receive appropriations for its endowment fund from the state general fund subject to the following conditions:

Terms Used In Tennessee Code 49-3-2002

  • 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
  • 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.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(1) Neither an appropriation nor the income from an appropriation may be spent for any organization other than the Tennessee Intercollegiate State Legislature (TISL);
(2) Any appropriation shall be returned to the state general fund if the TISL general assembly fails to meet in any three (3) consecutive school years;
(3) Any appropriation shall be released to the foundation only as a dollar-for-dollar match of private contributions to the endowment fund; and
(4) Any appropriation shall not revert to the general fund at the end of any fiscal year prior to December 31, 2012, but shall be carried over from year-to-year for the purpose of accomplishing this part.
(b) It is the legislative intent that any funds appropriated to TISL be used by the foundation to eliminate fees paid by colleges and universities to participate in TISL.
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