S.C. Code Ann. § 59-118-80: Conditions on matching gifts.

The state matching gifts authorized in Section 59-118-70 are subject to the following conditions:

(1) qualifying disbursements to which the state matching gift is applied must come from the earnings of the endowment and not from principal or corpus;

(2) the state matching funds must go directly into the college's or university's operating account to be spent only for the purposes authorized;

(3) the college or university must make application to receive state matching funds on forms and under procedures prescribed by the Commission on Higher Education.