Budget Amendment ID: FY2023-S4-665

EDU 665

Endowment Match Programs for Higher Education

Mr. Lesser, Ms. DiZoglio, Messrs. Moore, Cronin, Velis and Keenan, Ms. Gobi, Ms. Lovely and Messrs. Pacheco and O'Connor moved that the proposed new text be amended in section 2, by inserting after line 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-sharing 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 the program in a manner that ensures that each institution shall have an equal opportunity to secure matching funds from this item; provided further, that not less than $10,000,000 shall be allocated to the University of Massachusetts; provided further, that not less than $10,000,000 shall be allocated to state universities; provided further, that not less than $10,000,000 shall be allocated to community colleges; provided further, that not later than January 31, 2023, the board shall issue a preliminary report on the initial allocation of matching dollars and any guidelines adopted for the distribution and use of such funding; and provided further, that the report shall be submitted to the joint committee on higher education and the house and senate committees on ways and means ...................$30,000,000.”