164.7534 Endowment trust for student financial assistance benefits -- Authority to

230 words·~1 min read·/ky/164-7534

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

establish corporation to administer -- Annual report.

(1)The board is authorized to incorporate an organization pursuant to KRS Chapter

273 for the eleemosynary, charitable, and educational purposes of administering an

endowment trust. The organization so created shall be an instrumentality of the

Commonwealth, but shall possess no part of the sovereign powers of the

Commonwealth. The corporation shall be created to qualify as a tax exempt

organization pursuant to Section 501(c)(3) of the Internal Revenue Code.

(2)The endowment trust created pursuant to subsection

(1)of this section shall solicit

and accept gifts, grants, donations, bequests, or other endowments, including

general fund appropriations from the Commonwealth and grants from any federal

or other governmental agency, for the purposes of the endowment trust.

(3)The endowment trust shall provide student financial assistance benefits, including

but not limited to college access programs administered by the board or grants,

scholarships, or loans to pay higher education costs of Kentucky residents who

enroll in an institution of higher education in Kentucky.

(4)Any gifts, grants, or donations made by any governmental unit or any person, firm,

partnership or corporation to the endowment trust shall be a grant, gift, or donation

for the accomplishment of a valid public, eleemosynary, charitable, and educational

purpose.

(5)The endowment trust shall submit an annual audited report to the board not later

than the fifteenth of each September.