§ 35-1-1004 — Endowment challenge account matching program; matching payments; agreements with foundations; annual reports

Wyoming § 35-1-1004

• Jurisdiction: Wyoming
• Title 35: Public Health and Safety
• Ch. 1: ADMINISTRATION
• Art. 10: WYOMING CRITICAL ACCESS/RURAL HOSPITAL ENDOWMENT

Text

(a) Until June 30, 2012, funds within the challenge
account shall be expended as provided in this subsection. Funds
within a separate account which are obligated for commitments
made prior to July 1, 2012 shall remain in the separate account
to fulfill the obligation in accordance with this subsection
until June 30, 2013. From and after July 1, 2012 funds in the
challenge account shall be expended as provided in subsection
(k) of this section. To the extent funds are available in the
separate account of any critical access or rural hospital within
the endowment challenge account, the state treasurer shall match
endowment gifts actually received by that critical access or
rural hospital's foundation. A match shall be paid under this
subsection by the state treasurer at the time any accumulated
amounts actually received by a critical access or rural hospital
foundation total ten thousand dollars ($10,000.00) or more. The
match shall be made by transferring from the separate challenge
account to the appropriate critical access or rural hospital
board of trustees an amount equal to the amount accumulated by
the foundation or, if the critical access or rural hospital was
eligible to receive revenues from any tax imposed under W.S.
35-2-414(b) and (c) and a tax was not levied or was levied
pursuant to one (1) but not both of those subsections, an amount
equal to fifty percent (50%) of the amount accumulated by the
foundation. The board shall immediately transfer all matching
funds received to its foundation. The critical access or rural
hospital foundation shall match the funds received under this
subsection with an equal amount of foundation funds to be
managed in accordance with subsection (b) of this section.
(b) Each critical access hospital shall enter into an
agreement with its foundation under which the foundation shall
manage the matching funds received under subsection (a) of this
section in the same manner as other permanent endowment funds
are managed by its foundation, including the permanent
investment of funds, maintenance of the fund corpus as inviolate
and the expenditure of fund earnings for endowment purposes
only.
(c) Earnings from endowment funds established with
matching funds under this section shall be expended only for the
purpose of the endowment, including increasing the balance in
the fund corpus and reasonable costs of administration.
(d) The state treasurer shall make transfers to the
appropriate critical access hospital board under this section
not later than the end of the calendar quarter following the
quarter during which foundation gifts total at least ten
thousand dollars ($10,000.00). If gifts are made through a
series of payments or transfers, no matching funds shall be
transferred under this section until the total value of all
payments or transfers actually received totals at least ten
thousand dollars ($10,000.00).
(e) Matching funds paid under this section shall not be
distributed to or encumbered by any critical access or rural
hospital foundation in excess of the amount in the challenge
account for that critical access or rural hospital. Matching
funds shall not be transferred to any critical access or rural
hospital board by the state treasurer or from any such board to
a foundation except to match gifts actually received by the
foundation.
(f) If the foundation's board of any critical access or
rural hospital determines that the purpose of an endowment gift
to the critical access or rural hospital is not consistent with
the mission or capability of that critical access or rural
hospital, the gift shall not qualify for matching funds under
this section.
(g) For the purpose of computing the matching amount, the
state treasurer shall use the value of an endowment gift based
upon its fair market value at the time the gift is received by
the critical access or rural hospital foundation. The critical
access or rural hospital shall provide evidence of fair market
value for any gift if requested by the state treasurer and shall
fund the cost of providing any requested evidence.
(h) Each critical access or rural hospital shall on or
before October 1 of each year submit a report to the state
treasurer from its foundation on the endowment matching program
under this section for the preceding fiscal year. The report
shall include a financial summary and a review of the
accomplishments resulting from endowment program expenditures.
The report required under this subsection shall be for each
applicable fiscal year through June 30, 2015.
(j) Notwithstanding any other provision of this article,
for any critical access or rural hospital qualifying under the
provisions of W.S. 35-1-1002(a)(ii)(B), funds provided under
this article shall be disbursed only to the board of county
commissioners in which the hospital is located. The board of
county commissioners shall provide those funds to the critical
access or rural hospital under contract between the board of
county commissioners and the critical access or rural hospital,
which contract shall incorporate all provisions of this article
and which shall control the distribution and use of those funds.
(k) From and after July 1, 2012, to the extent a critical
access or rural hospital has not received matching funds under
this article totaling at least two hundred fifty thousand
dollars ($250,000.00), and to the extent funds segregated under
W.S. 35-1-1003(b) are available in the challenge account, the
state treasurer shall match endowment gifts actually received by
that critical access or rural hospital’s foundation. A match
shall be paid under this subsection by the state treasurer at
the time any accumulated amounts actually received by a critical
access or rural hospital foundation total ten thousand dollars
($10,000.00) or more. The match shall be made by transferring
from the challenge account to the appropriate critical access or
rural hospital board of trustees an amount equal to the amount
accumulated by the foundation or, if the critical access or
rural hospital was eligible to receive revenues from any tax
imposed under W.S. 35-2-414(b) and a tax was not levied pursuant
to that subsection, an amount equal to fifty percent (50%) of
the amount accumulated by the foundation. The board shall
immediately transfer all matching funds received to its
foundation. The critical access or rural hospital foundation
shall match the funds received under this subsection with an
equal amount of foundation funds to be managed in accordance
with subsection (b) of this section.