Okla. Stat. tit. 70, § 70-3952

Allocation of investment return - Matching requirement.

A. The principal held in the Oklahoma State Regents' Endowment

Trust Fund shall be made available for the establishment of and

allocation to endowment accounts within the Trust Fund for the

benefit of individual public institutions of higher education within

this state.

Oklahoma Statutes - Title 70. Schools Page 1575

B. Investment return on each of the accounts constituting the

principal of the Trust Fund shall be allocated for the benefit of

individual institutions for which the accounts are respectively

designated and shall be remitted to such institutions for the

support of endowed chairs, professorships, lectureships and

positions for artists in residence approved by the Oklahoma State

Regents for Higher Education. The State Regents shall develop,

adopt, and publish the criteria to be used in the evaluation of

proposals for support of endowed chairs, professorships,

lectureships and positions for artists in residence on a competitive

and priority basis according to merit. Such criteria shall be based

on the goal of improving the overall quality of education and

research. The endowed chairs, distinguished professorships,

lectureships and positions for artists in residence should be

established in academic areas which will contribute to the

enhancement of the overall cultural, business, and/or economic

development of Oklahoma. The individually endowed chairs and

professorships should be established in areas for which the

institution has ongoing, approved academic programs. Any trust

income and any investment return on any amount in the Trust Fund not

designated for remittance to an institution as provided in Section

3951 et seq. of this title shall become part of the principal of the

Trust Fund.

C. Trust Fund endowment accounts created pursuant to subsection

A of this section shall be in a minimum amount of Two Hundred Fifty

Thousand Dollars ($250,000.00) for the support of endowed chairs, a

minimum amount of Fifty Thousand Dollars ($50,000.00) for the

support of professorships or a minimum amount of Twenty-five

Thousand Dollars ($25,000.00) for lectureships and artists in

residence. The number and size of endowment accounts shall be

determined by the amount of matching monies that the institution

commits to endowment accounts. To be initially eligible for an

endowment account within the Trust Fund, an institution shall have

on deposit as provided in subsection F of this section an amount

equal to at least one-half (1/2) of the requested account.

Provided, the regional and special purpose universities and two-year

institutions in The Oklahoma State System of Higher Education shall

have priority in qualifying for the endowment accounts of Twenty-

five Thousand Dollars ($25,000.00) for lectureships and positions

for artists in residence.

D. 1. The total matching requirement for monies received prior

to July 1, 2008, shall be equal to the amount of the requested

endowment account in each instance and shall be deposited within a

period to be established by the State Regents. Said period shall

not be greater than three (3) years in length; provided, an

institution may deposit in an endowment account matching monies in

an amount which exceeds the required matching amount.

Oklahoma Statutes - Title 70. Schools Page 1576

2. After July 1, 2008, state matching monies must be used to

complete the state matching requirements for all endowment accounts

in place as of that date, before state matching monies may be used

for any accounts created after that date. After completion of such

requirements no more than a total of Five Million Dollars

($5,000,000.00) of state matching monies may be used each year,

subject to the following provisions:

a. not more than a total of Four Million Dollars

($4,000,000.00) each year may be used for the combined

benefit of comprehensive universities within The
es may be used

for any accounts created after that date. After completion of such

requirements no more than a total of Five Million Dollars

($5,000,000.00) of state matching monies may be used each year,

subject to the following provisions:

a. not more than a total of Four Million Dollars

($4,000,000.00) each year may be used for the combined

benefit of comprehensive universities within The

Oklahoma State System of Higher Education, and

b. not more than a total of One Million Dollars

($1,000,000.00) each year may be used for the combined

benefit of other eligible institutions within The

Oklahoma State System of Higher Education.

3. All Trust Fund endowment accounts created after July 1,

2008, shall be subject to the following provisions:

a. Trust Fund endowment accounts with matching monies of

Two Hundred Fifty Thousand Dollars ($250,000.00) or

less shall be matched with state matching monies

according to a 1:1 ratio, with One Dollar ($1.00) of

state matching monies to be matched with every One

Dollar ($1.00) of matching monies received, and

b. Trust Fund endowment accounts with matching monies of

more than Two Hundred Fifty Thousand Dollars

($250,000.00) shall be matched with state matching

monies according to a 1:4 ratio, with One Dollar

($1.00) of state matching monies to be matched with

every Four Dollars ($4.00) of matching monies

received.

4. Any endowment account for which an institution fails to

provide the full required matching amount within the time

established shall be available to be awarded to another public

institution of higher education. No investment return shall be

remitted to any institution from an endowment account before the

institution has deposited the total required match for the endowment

account as provided in subsection F of this section.

5. Notwithstanding any other provision of this section, no more

than a total of Six Hundred Seventy-one Million Two Hundred Thousand

Dollars ($671,200,000.00) of state matching monies shall be utilized

for the creation of endowment accounts under the provisions of this

section.

E. 1. Monies which an institution provides for matching

purposes must originate from monies contributed to the institution

after July 1, 1988, from private sources, which monies are

specifically designated by the private source to be used for

purposes specified in this act, or from private contributions made

Oklahoma Statutes - Title 70. Schools Page 1577

after July 1, 1988, to a foundation for which the sole beneficiary

is that institution, which monies are specifically designated by the

private contributor to be used for purposes specified in this act,

and may not be drawn from allocations of appropriated funds received

from the State Regents, proceeds of fees or charges authorized by

law, or from federal grants or reimbursements.

2. The State Regents may accept the transfer of endowed chairs

and any associated funds from the MOST Eminent Scholars and Research

Equipment Account created pursuant to the provisions of Section

5060.13 of Title 74 of the Oklahoma Statutes for the purpose of the

establishment as endowed chairs in the Oklahoma State Regents'

Endowment Trust Fund. Such endowed chairs shall be subject to and

administered in accordance with the statutes and regulations

applicable to the Trust Fund; provided, however, the monies provided

by an institution for matching purposes may have originated from

private monies contributed to the institution or a foundation before

or after July 1, 1988.

F. Any institution which provides matching monies shall deposit

the matching monies in one of the following:

1. The Trust Fund;

2. An endowment matching fund of the institution; or

3. A fund of a foundation whose sole beneficiary is that

institution.

All investment return on matching monies which are deposited in a

fund specified in paragraphs 2 or 3 of this subsection shall be
ly 1, 1988.

F. Any institution which provides matching monies shall deposit

the matching monies in one of the following:

1. The Trust Fund;

2. An endowment matching fund of the institution; or

3. A fund of a foundation whose sole beneficiary is that

institution.

All investment return on matching monies which are deposited in a

fund specified in paragraphs 2 or 3 of this subsection shall be

retained in the fund. If such matching monies are not deposited in

the Trust Fund, the institution shall submit a report annually to

the State Regents in which the investments of the matching funds,

earned interest and income, including capital gains and losses, and

expenditures including the costs of managing the investments are

detailed. Diminution of the original matching sum may at the

discretion of the State Regents constitute a forfeiture of the

state-origin monies which the private-origin institutional monies

were to match.

G. An institution may recommend to the State Regents that

monies benefiting the institution in an endowment account pursuant

to the purposes of the Trust Fund be dedicated to an alternative

academic discipline or area. If the State Regents approve such

action, the investment return from the endowment account may be

utilized for such program.