§ 15-10-12 — Board may accept gifts and bequests - Deposit of funds

North Dakota § 15-10-12

• Jurisdiction: North Dakota
• Title 15: Education
• Ch. 15-10: The State Board of Higher Education

Text

The state board of higher education may, subject to the limitations of section 15-10-12.1,
receive donations, gifts, grants, and bequests offered or tendered to or for the benefit of any
institution of higher education under its control or subject to its administration, and all moneys
coming into the hands of the board as donations, gifts, grants, and bequests must be used for
the specific purpose for which they are donated or given. A special revenue fund, for each
institution of higher education under the control of the board or subject to its administration,
must be maintained within the state treasury and all institutional income from tuition collections
must be placed in the special fund for the use of the institution for which the money was raised.
All rent, interest, or income from land, money, or property, donated or granted by the United
States and allocated to specific institutions of higher learning under the terms of the Enabling

Act and the Constitution of North Dakota must be deposited in the special revenue fund of each
institution and expended in accordance with section 1 of article IX of the Constitution of North
Dakota. Moneys in the special revenue fund are subject to legislative appropriations. All other
funds, unless restricted by the terms of a grant, donation, or bequest, received by the
institutions from federal, state, and local grants and contracts, indirect cost recoveries, special
student fees, room and board fees and other auxiliary enterprise fees, student activity fees,
continuing education program fees, internal service fund revenues, and all other revenues must
be deposited in the institution special revenue funds. The state treasurer shall immediately
transfer the funds deposited in the special revenue funds to institution accounts in the Bank of
North Dakota. Biennial estimates of revenue and expenditures of the other funds by source of
funds must be presented at the same time biennial budget requests for appropriations from the
special revenue fund and state general fund are prepared and submitted to the office of the
budget. Payments from each institution's general fund appropriation must be made in amounts
as may be necessary for the operation and maintenance of each institution, except that at the
close of the biennium the balance of funds not paid from the general fund appropriation must be
deposited in the special revenue funds of the institutions. All such appropriations are subject to
proration in the same manner as other appropriations are prorated if insufficient funds are
available to meet expenditures from the general fund. Sinking funds for the payment of interest
and principal of institutional revenue bonds must be deposited pursuant to section 15-55-06.