Ch. 94                                           LAWS OF MARYLAND

(III) HOLDS SEPARATE REGIONAL ACCREDITATION.

(C)  (1) "ELIGIBLE PRIVATE DONOR" MEANS ANY INDIVIDUAL,
CORPORATION, PARTNERSHIP, OR OTHER FORM OF BUSINESS ORGANIZATION,
PUBLIC OR PRIVATE FOUNDATION, OR OTHER NONPROFIT ORGANIZATION.

(2) ELIGIBLE PRIVATE DONOR DOES NOT INCLUDE THE
STATE, ANY SUBDIVISION OF THE STATE, THE FEDERAL GOVERNMENT, OR
ANY FOREIGN GOVERNMENT.

(D)  (1) "ELIGIBLE PROGRAM" MEANS ANY ENDOWMENT FOR AN
ACADEMIC PURPOSE, WHICH DOES NOT CONTAIN UNREASONABLE
RESTRICTIONS AS TO USE AS FURTHER DEFINED BY THE MARYLAND HIGHER
EDUCATION COMMISSION.

(2) "ELIGIBLE PROGRAM" DOES NOT INCLUDE ANY ENDOWMENT
THAT IS INVESTED IN WHOLE OR IN PART IN ANY STOCK, SECURITY, OR
OTHER OBLIGATION OF ANY COMPANY DOING BUSINESS IN OR WITH THE
REPUBLIC OF SOUTH AFRICA.

(E) "ENDOWMENT" MEANS ANY DONATION OR GIFT WHICH HAS BEEN
PROVIDED UNDER THE CONDITION THAT THE PRINCIPAL REMAIN INTACT AND
BE INVESTED IN PERPETUITY FOR THE PURPOSE OF PRODUCING INCOME.

(F) "BASE YEAR" MEANS JULY 1, 1988 THROUGH JUNE 30, 1989.
17-302.

(A)  EACH ELIGIBLE INSTITUTION SHALL RECEIVE FROM THE STATE,
IN THE MANNER AND SUBJECT TO THE LIMITATIONS OF THIS SUBTITLE,
WITH RESPECT TO THE AMOUNTS PLEDGED BY ELIGIBLE PRIVATE DONORS AS
VOLUNTARY DONATIONS AT ANY TIME DURING FISCAL YEARS 1990, 1991,
AND 1992 TO THE ELIGIBLE INSTITUTION FOR ELIGIBLE PROGRAMS AS
FOLLOWS:

(1)  AN AMOUNT EQUAL TO ONE HALF OF THE FIRST $500,000
$250,000 OR ANY PORTION THEREOF OF PLEDGED AMOUNTS DONATIONS PAID
PLEDGED AMOUNTS IN EXCESS OF THE PREVIOUS LEVEL OF CONTRIBUTION
FOR THE ELIGIBLE INSTITUTION; AND;

(2)  AN AMOUNT EQUAL TO §ONE HALF ONE QUARTER ONE-HALF
OF THE NEXT $2,000,000 $1,000,000 OR ANY PORTION THEREOF OF
PLEDGE AMOUNTS DONATIONS PAID PLEDGED AMOUNTS.; AND

(3) AN AMOUNT EQUAL TO ONE-THIRD OF THE AMOUNT IN
EXCESS OF $2,500,000 $1,250,000 OR ANY PORTION THEREOF OF
DONATIONS PAID PLEDGED AMOUNTS.

(B)  PAYMENTS SHALL BE MADE BY THE STATE:

(1) ONLY WITH RESPECT TO PLEDGED AMOUNTS WHICH ARE
PAID BY THE ELIGIBLE PRIVATE DONOR TO THE ELIGIBLE INSTITUTION
BEFORE JULY 1, 1996; AND

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