18A:62-40 - Ineligibility for receipt of State matching funds; use of matching funds - New Jersey Statutes

18A:62-40.  Ineligibility for receipt of State matching funds; use of matching funds
12.  a.  No institution of higher education having a total endowment of more than $1,000,000,000, and no foundation institutionally related to such an institution, shall be eligible to receive State matching funds under this act.

b.No endowment contribution or donation to an institution of higher education from a foundation institutionally related to that institution  shall be eligible to be matched with State funds under the provisions of this act.

c.The matching funds provided to an institution of higher education or to a foundation institutionally related to such an institution pursuant to sections 4 through 11 of this act shall be used by the institution or foundation exclusively for academic purposes and shall not be used to fund any activity, program or project unrelated or only incidentally related to those purposes, such as the award of athletic scholarships, except that the matching funds may be used for the payment of the cost of building construction, in accordance with the terms as to use for particular purposes stipulated by the donor of the endowment contribution or donation.  The matching funds provided shall not be used for the purpose of sectarian instruction, the construction or  maintenance of sectarian facilities, or for any other sectarian purpose or activity.  These restrictions shall not apply to the use by the institution or foundation of any of the endowment contributions and donations with respect to which those matching funds were paid.

L.1999,c.226, s.12; amended 1999, c.368, s.9.