Budget Amendment ID: FY2012-S3-281

EDU 281

Higher Education Endowment Match Program

Messrs. Moore and DiDomenico moved that the proposed new text be amended by inserting, after Section ___, the following new Sections:-

"SECTION ____. Section 15E of chapter 15A of the General Laws, as amended by section 26 of chapter 189 of the acts of 2010, is hereby amended by striking out the second paragraph and inserting in place thereof the following paragraph:—

Subject to appropriation, the commonwealth shall contribute funds to each institution's recognized foundation in an amount necessary to match private contributions in the current fiscal year to the institutions or a foundation's endowment or capital outlay program based on the following matching formula: subject to appropriation, the commonwealth's contribution shall be equal to $1 for every $2, privately contributed to the university's board of trustees or a foundation; $1 for every $2, or $1 dollar for such greater number of dollars as may be established by the board of higher education, privately contributed to each state university's board of trustees or foundation; and $1 for every $2, or $1 for such greater number of dollars as may be established by the board of higher education, privately contributed to each community college's board of trustees or foundation.

SECTION ____. Said section 15E of said chapter 15A is hereby further amended by striking out the fourth paragraph."