Wyoming § 21-16-902 Definitions

Wyoming Statutes

§ 21-16-902 — Definitions

Wyoming·Title 21 Education·Ch. 16 HIGHER EDUCATION GENERALLY·Art. 9 UNIVERSITY OF WYOMING ENDOWMENT FUND

(a)As used in this article:

(i)"Challenge account" means the university endowment challenge account established under W.S. 21-16-903;

(ii)"Permanent endowment funds managed by the University of Wyoming foundation" means the endowment funds that are invested by the University of Wyoming foundation on a permanent basis and regarding which earnings on those investments are dedicated to be expended exclusively to benefit and promote the mission, operation or any program or activity of the University of Wyoming, including but not limited to professorships and student scholarships, increases to the corpus of the endowment and defraying reasonable costs of endowment administration;

(iii)"Substantial endowment gift" means an irrevocable gift or transfer to the University of Wyoming foundation

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(a) As used in this article:
(i) "Challenge account" means the university
endowment challenge account established under W.S. 21-16-903;
(ii) "Permanent endowment funds managed by the
University of Wyoming foundation" means the endowment funds that
are invested by the University of Wyoming foundation on a
permanent basis and regarding which earnings on those
investments are dedicated to be expended exclusively to benefit
and promote the mission, operation or any program or activity of
the University of Wyoming, including but not limited to
professorships and student scholarships, increases to the corpus
of the endowment and defraying reasonable costs of endowment
administration;
(iii) "Substantial endowment gift" means an
irrevocable gift or transfer to the University of Wyoming
foundation of money or other property by a donor where:
(A) The gift or the foundation's interest in the
property is conditioned on it being used by the foundation
exclusively for endowment purposes;
(B) Except as provided by W.S. 21-16-904(a)(ix)
for fallen heroes endowments, the gift or property transferred
has a fair market value of at least fifty thousand dollars
($50,000.00); and
(C) The following apply:
(I) The gift was received or the transfer
occurred on or after March 1, 2001. Payments are not eligible to
be matched if they are part of a gift for which some payment was
received prior to March 1, 2001;
(II) If a commitment to make the gift or
transfer is made in writing to the university foundation on or
after March 1, 2001, to qualify for the match, the gift shall
actually be received or the transfer shall actually occur not
later than December 31 of the fifth calendar year following the
calendar year in which the written commitment was made to the
university foundation;
(III) Members of a single family may
aggregate their individual gifts to meet the minimum dollar
threshold required for matching funds. Gifts from nonfamily
members in memory of a deceased individual may also be
aggregated to meet the minimum dollar threshold required for
matching funds.