Budget Amendment ID: FY2022-S3-186

EDU 186

Endowment Match Programs for Higher Education

Mr. Lesser, Ms. Comerford, Ms. DiZoglio, Ms. Gobi, Messrs. Velis, Eldridge, O'Connor, Gomez and Cyr moved that the proposed new text be amended in section 2, by inserting after item 7066-0025 the following item:

“7066-0115 For the purposes of continuing the implementation of section 15E of chapter 15A of the General Laws to encourage private fundraising by the commonwealth’s public institutions of higher education for the endowments and capital outlay programs of those institutions, including, but not limited to, endowed scholarship funds, endowed professorships, endowed STEM programming, endowed research positions, endowed programming in the arts and humanities, endowed funds to increase diversity and inclusion on public higher education campuses, endowed funds that increase persistence and completion rates, endowed funds that encourage innovative financial aid strategies, including income share arrangements, endowed early college programs and such other purposes as the board shall determine to be consistent with system-wide and campus mission statements, and with measurable goals and metrics tied to those missions; provided further, that the board of higher education shall implement this program in a manner that ensures that each institution shall have an equal opportunity to secure matching funds from this item; provided further, that $5,000,000 shall be allocated to the university of Massachusetts; provided further, that $2,500,000 shall be allocated to state universities; provided further, that $2,500,000 shall be allocated to community colleges; provided further, that the board shall issue a preliminary report on the initial allocation of matching dollars and any guidelines adopted for distribution and use of the funding not later than December 15, 2021 and a final report on the efficacy of the program in securing additional donations for public higher education, along with a description of all programmatic improvements made possible by the funds, not later than June 15, 2022; provided further, that the interim report and the final report shall be provided to the joint committee on higher education and the house and senate committees on ways and means; and provided further, that funds for the purposes of this item shall be made available until June 30, 2022................................... $10,000,000.