§ 6-613
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/md/economic-development/6-613A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§6–613.
(a)Private donations to a research endowment shall be considered a qualified donation if:
(1)the donation or pledge is expressly or specifically restricted by the donor for one or more of the eligible uses under § 6–614 of this subtitle;
(i)except as provided in item
(ii)of this item, the individual donation or pledge is a minimum of $500,000 or is bundled with other qualified donations to meet the $500,000 threshold; or
(ii)for an individual donation or pledge made to a research endowment of a nonprofit institution of higher education that has an annual unrestricted current funds budget of less than $250,000,000, the individual donation or pledge is a minimum of $200,000 or is bundled with other qualified donations to meet the $200,000 threshold; and
(3)the nonprofit institution of higher education accepts the donation from individuals, partnerships, associations, public or private for–profit and nonprofit corporations, or nongovernmental foundations.
(b)Notwithstanding subsection
(a)of this section, a nonprofit institution of higher education may designate unrestricted gifts or bequests, or a portion of an unrestricted gift or bequest, for use as a qualified donation.
(c)A qualified donation excludes:
(1)any donation received by a nonprofit institution of higher education prior to October 1, 2014;
(2)educational or general fees, auxiliary fees, or other student fees generated by the institution;
(3)proceeds from promissory notes, bonds, loans, or other instruments evidencing an indebtedness or any other obligation of repayment by the governing body of a nonprofit institution of higher education to the maker of the instrument; or
(4)any other funds received from the State or federal government.
(1)The president of each nonprofit institution of higher education or the president’s designee shall make the initial determination of whether a donation constitutes a qualified donation.
(2)The president of the nonprofit institution of higher education shall provide a report to the governing body of the institution at least once each fiscal year regarding the amount of qualified donations the institution has received.