(a) In order to promote a coordinated system of higher education in Arkansas and to assure an orderly and effective development of each of the publicly supported institutions of higher education, the Arkansas Higher Education Coordinating Board shall have the power and duty to provide administrative assistance in accordance with terms agreed upon by both the Department of Higher Education and parties establishing trusts, endowments, or otherwise providing funds in support of scholarships, research, or other educational activities at Arkansas institutions of higher education.
(b) The department is not authorized to be the custodian of, or to in any way participate in, the financial management of trusts, endowments, or other funds established for purposes of §§ 6-61-101 — 6-61-103, 6-61-201 — 6-61-209, 6-61-211 [repealed], 6-61-212 — 6-61-216, 6-61-301 — 6-61-305, 6-61-306 [repealed], 6-61-401, 6-61-402, 6-61-501 — 6-61-524, 6-61-601 — 6-61-603, and 6-61-604 — 6-61-612 [repealed].
(c)
(1) The assistance of the department is limited to administrative support in the allocation or awarding of funds to be disbursed by the donor or a properly authorized trustee.
(2) The department is authorized to supplement administrative costs for such assistance by charging a minimal administrative fee acceptable to the department and the parties establishing the endowments or providing the funds.