(a)
(1) Private contributors to state-supported colleges and universities frequently designate their gifts for the purpose of endowing academic chairs or attracting personnel with exceptional qualifications.
(2) In order to appropriately compensate these individuals from private funds contributed for such purposes, special provisions for payments exceeding maximum authorized compensation levels are necessary.
(b) The board of trustees of any state-supported college or university in Arkansas may authorize salary or salary-related payments to individuals from funds contributed for such purposes which exceed the maximum for positions established by state law, subject to the limitations established in this section.
(c) In order for the board to authorize additional payments as established in subsection (b) of this section, the individuals to receive the payments must be:
(1) Selected and recommended by the appropriate department;
(2) Approved by appropriate administrative personnel, the president, and the board; and
(3)
(A) The holders of academic or research chairs endowed wholly or in part by contributions from sources other than public funds;
(B) Exceptionally qualified academic or nonacademic personnel; or
(C) Visiting academic/research faculty members for a specified period whose service is endowed or supported wholly or in part by contributions from sources other than public funds.
(d) All funds paid to any individual above the maximum established by law as authorized in this section must come from private contributions or from the proceeds from private contributions designated for such purposes.
(e)
(1) The provisions of this section are supplemental to the fiduciary authority and powers of boards of trustees of public colleges and universities to expend funds as public trustees for the benefit of the institution to attract and retain exceptionally qualified academic and nonacademic employees.
(2) Nothing in this section shall prohibit or be construed to prohibit boards of trustees of public colleges and universities from authorizing salary or salary-related payments to exceptionally qualified academic or nonacademic personnel in excess of the maximum established by law or from approving or ratifying such payments previously made provided that the amount of any such payment above the maximum established by law and only such amount must come from private contributions or from the proceeds from private contributions designated for such purposes.