§ 16-72-3. Allocation and administration of grants — Capital projects.
(a) For the duration of the program, each institution of public higher education shall
be eligible to receive one-third (â…“) of the funds estimated to be available by the
director of administration. Provided, in no instance shall amounts allocated by the
board of governors exceed those estimated to be available by the director of administration.
The amount allocated to the institutions by the board of governors for higher education
shall be in the following manner: Each institution which raises contributions for
capital projects of no less than one hundred fifty thousand
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§ 16-72-3. Allocation and administration of grants — Capital projects.
(a) For the duration of the program, each institution of public higher education shall
be eligible to receive one-third (â…“) of the funds estimated to be available by the
director of administration. Provided, in no instance shall amounts allocated by the
board of governors exceed those estimated to be available by the director of administration.
The amount allocated to the institutions by the board of governors for higher education
shall be in the following manner: Each institution which raises contributions for
capital projects of no less than one hundred fifty thousand dollars ($150,000) each
shall receive a matching grant equal to thirty-three percent (33%) of the private
contribution for each and every contribution.
(b) For the purposes of determining the amount of a matching grant, multiple grants from
a single individual, corporation, or foundation within a twelve (12) month period
shall be matched at the total amount of the contribution made for the purposes of
this section. Each institution's foundation shall establish its own Rhode Island capital
fund as a depository for private contributions and state matching funds as provided
in this section. State matching funds shall be transferred to an institutional foundation
upon notification that the institution has received and deposited a proportionate
amount specific in this section.
(c) The foundation serving the institution shall have the responsibility for the maintenance
and investment of its capital fund and for the administration of the program for the
institution. The government board of each foundation shall be responsible for assisting
in the solicitation of gifts and for receiving gifts to be used as funds to be deposited
and matched within the challenge grants for the establishment of the capital fund
for each institution. Each foundation shall include in its annual report to the board
of governors for higher education information concerning collection and investment
of donations and matching grants of the capital fund.