§ 21-16-1603 — University reclamation and restoration challenge account matching program; matching payments; conditions; annual reports; reversion of appropriations

(a) The university shall administer the university
reclamation and restoration challenge account established under
this article. The following shall apply to the administration of
the challenge account:
(i) To the extent that funds are available in the
challenge account, the university shall match each qualifying
contribution actually received by the University of Wyoming
foundation by authorizing expenditures from the challenge
account in 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 Wyoming reclamation and restoration center. Any
investment earnings credited to the account shall be separately
accounted for and may be expended by the university to support
the center without a qualifying contribution. To the greatest
extent practicable, expenditures for the center shall be made
for energy related reclamation projects so that qualifying
contributions and matching funds support the work of the center
through June 30, 2019. All grants shall be subject to the
approval and oversight of an ad hoc committee of industry
company representatives appointed by the dean of agriculture;
(ii) If a qualifying contribution is made through a
series of payments or transfers, no matching funds shall be
authorized for expenditure from the challenge account until the
total value of all payments or transfers actually received
toward the contribution totals at least one hundred thousand
dollars ($100,000.00). Thereafter, matching funds shall be
authorized for expenditure as payments or transfers toward that
qualifying contribution are received by the foundation;
(iii) The university shall authorize matching funds
for expenditure, or encumber funds for future authorization 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 authorized for
expenditure or encumbered in excess of the amount within the
challenge account. The university shall rescind an encumbrance
if 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 university 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;
(v) The university shall on or before October 1 of
each calendar year submit a report to the governor, joint
appropriations interim committee and the joint education interim
committee 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 expenditures.