20-25-456. Voluntary contribution account for Montana's universities, colleges, and community colleges. (1) There is an account in the state special revenue fund established by 17-2-102 to be known as the Montana university system assistance account. The board of regents shall deposit donations to the Montana university system assistance program in the account as provided in 20-25-455.
(2) All donations must be from a private source and may not be expended for any purpose other than for the benefit of qualifying institutions.
(3) Earnings in the account are allocable to each qualifying institution in proportion to each qualifying institution's share of the account balance.
(4) The board of regents shall distribute donor contributions to the qualifying institution's endowment fund. A distribution may not exceed the institution's allocation and must be used for the purpose established by the donor as provided in 20-25-455(2)(d). The distributions are derived from a private nonstate source and are payable without an appropriation pursuant to 17-8-101.
History: En. Sec. 2, Ch. 202, L. 2011.