Bill No.: HB0110                  Drafter:  DRN

LSO No.:  10LSO-0265              Effective Date:  7/1/2010

Enrolled Act No.:  HEA0025

Chapter No.:       28

Prime Sponsor:     Representative McOmie

Catch Title:       Higher education endowment challenge programs.

Subject:  University of Wyoming and community college endowment challenge programs subject to state matching funds.

Summary/Major Elements:

· Current endowment challenge program allows the University and each community college to maintain gifts and contributions to its endowment, together with any state matching amounts, within permanent funds managed by the foundation;

· State matching fund eligibility is triggered upon accumulating certain dollar threshold amounts within the University or community college foundation;

· Under the enacted law modifying the program, each institution is allowed to accumulate endowment gifts until such time as state matching funds become available;

· Requires each institution's foundation to notify the donor that state matching funds may or may not be available for the gift;

· Clarifies legislative authority to terminate the matching program and that the legislature is not obligated to match accumulated endowment gifts.