{"data":{"id":"us-ky/krs-164.7534","jurisdiction":"us-ky","citation":"KRS 164.7534","heading":"Endowment trust for student financial assistance benefits -- Authority to","body":"establish corporation to administer -- Annual report.\n(1) The board is authorized to incorporate an organization pursuant to KRS Chapter\n273 for the eleemosynary, charitable, and e ducational purposes of administering an\nendowment trust. The organization so created shall be an instrumentality of the\nCommonwealth, but shall possess no part of the sovereign powers of the\nCommonwealth. The corporation shall be created to qualify as a ta x exempt\norganization pursuant to Section 501(c)(3) of the Internal Revenue Code.\n(2) The endowment trust created pursuant to subsection (1) of this section shall solicit\nand accept gifts, grants, donations, bequests, or other endowments, including\ngeneral fund appropriations from the Commonwealth and grants from any federal\nor other governmental agency, for the purposes of the endowment trust.\n(3) The endowment trust shall provide student financial assistance benefits, including\nbut not limited to college access programs administered by the board or grants,\nscholarships, or loans to pay higher education costs of Kentucky residents who\nenroll in an institution of higher education in Kentucky.\n(4) Any gifts, grants, or donations made by any governmental unit or any person, firm,\npartnership or corporation to the endowment trust shall be a grant, gift, or donation\nfor the accomplishment of a valid public, eleemosynary, charitable, and educational\npurpose.\n(5) The endowment trust shall submit an annual audited r eport to the board not later\nthan the fifteenth of each September.","path":["KRS Chapter 164"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=44561","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:17Z","sha256":"129a9ee294d5dc877397822e97984d56b0af9493eb9ace939caa507597445a89","source_id":"us-ky","stale":false,"prev":"us-ky/krs-164.7531","next":"us-ky/krs-164.7535"},"notice":"GroundRules: Original legal text. Not legal advice."}