S.C. Code Regs. 62-850 - Determination of Qualifying Earnings

Current through Register Vol. 46, No. 3, March 25, 2022

Qualifying earnings eligible for Matching Gift Funds consist of current earnings generated by eligible endowment gifts as defined in section 62-835 above. Individual institutions determine how much of an endowment's earnings may be paid out in a given year and how much must be reinvested. Thus, to ensure equity among institutions whose spending rates with respect to endowments vary, qualifying earnings eligible for matching gift funds will be limited to an annual spending rate of five percent (5%) of the qualifying endowments' total market value of new gifts made on or after July 1, 1997, for the four-year institutions or on or after July 1, 1998, for the technical colleges, as defined in section 62-835. G, so long as this calculation does not exceed the total annual earnings from the endowment. This spending rate will be evaluated each year in light of monies available in the Matching Gift Fund and current institutional endowment income spending rates. This rate may be adjusted by the Commission on Higher Education in consultation with the Council of Public College Presidents as may be appropriate in subsequent years.

Notes

S.C. Code Regs. 62-850
Added by State Register Volume 22, Issue No. 6, Part 3, eff June 26, 1998; Amended by State Register Volume 23, Issue No. 5, eff May 28, 1999.

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