Current through Register Vol. 46, No. 3, March 25, 2022
A. State matching funds appropriated for use
in this program will be placed in a separate account called the South Carolina
Higher Education Matching Gift Fund which shall be managed by the State
Treasurer. Of the total funds available in any given fiscal year, not more than
sixty percent can be awarded to the University of South Carolina at Columbia,
Clemson University, and the Medical University of South Carolina combined, in
the initial disbursement of matching funds. For purposes of determining the
amount of matching funds allowable for the University of South Carolina,
qualifying earnings on the Columbia campus only will be used for determining
the match from the Gift Fund: University of South Carolina-Spartanburg and
University of South Carolina-Aiken are eligible to participate in the program
with the other colleges and universities.
The match from the Gift Fund will be
determined in accord with the following principles:
(1) Sixty percent of Gift Fund monies will be
reserved for the three research universities for match on a dollar-for-dollar
basis. In the event that funds qualifying for match exceed the amount available
for match, Gift Fund monies will be distributed in proportion to the total
requested for matching by the research universities.
(2) Forty percent of Gift Fund monies will be
reserved for the technical colleges and four-year teaching universities for
match on a dollar-for-dollar basis. In the event that funds qualifying for
match exceed the amount available for match, Gift Fund monies will be
distributed in proportion to the total requested for matching by the technical
colleges and four-year teaching universities.
(3) In the event that Gift Fund monies remain
unallocated to either the research universities or to the other colleges and
universities from their respective percentage pools, these funds will be
distributed to institutions in the other sector as a secondary distribution in
the same proportion as their own sector funds were distributed. If funds are
still available, they will be carried forward to the next fiscal
(4) In neither the initial
nor in the secondary distribution nor in the sum of the initial and secondary
disbursements may the Matching Gift Funds exceed a 1:1 ratio.
S.C. Code Regs.
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,