Conn. Gen. Stat. § 10a-77a: Endowment Fund for the Connecticut State Community College.

(a)(1) The Board of Regents for Higher Education shall establish a permanent Endowment Fund for the Connecticut State Community College to encourage donations from the private sector, with an incentive in the form of an endowment fund state grant, the net earnings on the principal of which are dedicated and made available to a campus of the Connecticut State Community College or said college, for endowed professorships, scholarships and programmatic enhancements. The fund shall be administered by the board, or by a nonprofit entity entrusted for such purpose and qualified as a Section 501(c)(3) organization under the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as from time to time amended, and preferably constituted and controlled independent of the state and board so as to qualify the interest on state bonds the proceeds of which have been granted for deposit in the endowment fund as excludable from taxation under such code and shall, in any event, be held in a trust fund separate and apart from all other funds and accounts of the state and the Connecticut State Community College. There shall be deposited into the fund: (A) Endowment fund state grants; and (B) interest or other income earned on the investment of moneys in the endowment fund pending transfer of the principal of the fund for the purposes identified in this subdivision. Endowment fund eligible gifts made on behalf of a campus of the Connecticut State Community College or said college as a whole shall be deposited in a permanent endowment fund created for each campus of said college and said college as a whole in the appropriate foundation established pursuant to sections 4-37e and 4-37f. A portion of the endowment fund state grant and a portion of earnings on such grant, including capital appreciation, shall be transferred, annually, within thirty days of the receipt of the endowment fund state grant by the permanent Endowment Fund for the Connecticut State Community College, to such endowment fund for a campus of said college based on the ratio of the total amount of such gifts made to such campus to the total amount of all such gifts made to the Connecticut State Community College, provided the provisions of section 4-37f are satisfied.

(2) The Board of Regents for Higher Education shall adopt guidelines with respect to (A) the solicitation of endowment fund eligible gifts from private donors, and (B) governing the acceptance of gifts made by a foundation established pursuant to sections 4-37e and 4-37f to a campus of the Connecticut State Community College or its employees for reimbursement of expenditures or payment of expenditures on behalf of such campus or its employees. Private donations shall not be construed to include proceeds of municipal grants.

(b) For the purposes of this section: (1) “Endowment fund eligible gift” means a gift to or for the benefit of a campus of the Connecticut State Community College or said college as a whole of cash or assets that may be reduced to cash or that has a value that is ascertainable by such campus or said college that the donor has specifically designated for deposit in the endowment fund or that explicitly or implicitly by the terms of the gift such campus or said college may and does deposit or permit to be deposited in the endowment funds; and (2) “endowment fund state grant” means moneys that are transferred by the Office of Higher Education from the fund established pursuant to section 10a-8b to the endowment fund established pursuant to this section in an aggregate amount not exceeding the endowment fund state grant maximum commitment.