§ 21-16-1003 — Athletics challenge matching program; state treasurer to administer program account; matching payments; conditions; annual reports; reversion of appropriations

Wyoming § 21-16-1003

• Jurisdiction: Wyoming
• Title 21: Education
• Ch. 16: HIGHER EDUCATION GENERALLY
• Art. 10: UNIVERSITY OF WYOMING ATHLETICS CHALLENGE FUND

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(a) The state treasurer shall administer the university
athletics challenge account established under this article. The
following shall apply:
(i) To the extent that funds are available in the
challenge account, the state treasurer shall match each
qualifying contribution actually received by the University of
Wyoming foundation by transferring from the challenge account to
the university an amount equal to the amount of the qualifying
contribution. Qualifying contributions made directly to the
university shall be considered qualifying contributions to the
foundation for purposes of this article. The university shall
expend both the qualifying contributions and the matching funds
solely for the cost of establishing new or renovating existing
university intercollegiate athletics facilities consistent with
the 2003 intercollegiate athletics plan approved by the
university board of trustees. Authorized expenditures for
intercollegiate athletic facilities include but are not limited
to all expenditures necessary for planning, designing, procuring
contractors, construction management and actual construction;
(ii) The state treasurer shall make transfers to the
university under this section not later than the end of the
calendar quarter following the quarter during which the
qualifying contribution is received. Matching funds shall only
be available for expenditure to the extent cash or cash
equivalent contributions are actually received by the University
of Wyoming. If a qualifying contribution is made through a
series of payments or transfers, no matching funds shall be
transferred by the state treasurer until the total value of all
payments or transfers actually received toward the contribution
totals at least twenty-five thousand dollars ($25,000.00).
Thereafter, matching funds shall be transferred as payments or
transfers toward that qualifying contribution are received by
the foundation;
(iii) The state treasurer shall distribute funds or
encumber funds for future distribution in the case of a written
commitment, to match a qualifying contribution based on the
order in which each qualifying contribution is actually received
or in which a written commitment to make a qualifying
contribution is received by the foundation. Matching funds
shall not be distributed or encumbered in excess of the amount
within the challenge account. No matching funds shall be
transferred to the university except to match qualifying
contributions actually received. The state treasurer shall
rescind an encumbrance if the university notifies him that a
donor who made a commitment will not make a qualifying
contribution that is eligible for matching funds under this
section;
(iv) For the purpose of calculating the matching
amount only, the state treasurer shall use the value of a
qualifying contribution based on its fair market value at the
time the contribution is received by the university foundation.
The university shall provide evidence of fair market value as
the state treasurer requires for each qualifying contribution.
The state treasurer's office shall not bear any costs associated
with providing evidence;
(v) The University of Wyoming shall on or before
October 1 of each calendar year submit a report to the state
treasurer from the university foundation regarding the matching
program established under this section for the preceding fiscal
year. The report shall include a financial summary and a review
of the accomplishments resulting from program expenditures. The
state treasurer shall distribute the report to the governor and
the joint education interim committee.
(vi) Repealed By Laws 2009, Ch. 52, § 3.
(vii) Repealed By Laws 2009, Ch. 52, § 3.