{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-3952","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-3952","heading":"Disposition of principal - Endowment accounts -","body":"Allocation of investment return - Matching requirement.\n\nA. The principal held in the Oklahoma State Regents' Endowment\n\nTrust Fund shall be made available for the establishment of and\n\nallocation to endowment accounts within the Trust Fund for the\n\nbenefit of individual public institutions of higher education within\n\nthis state.\n\nB. Investment return on each of the accounts constituting the\n\nprincipal of the Trust Fund shall be allocated for the benefit of\n\nindividual institutions for which the accounts are respectively\n\ndesignated and shall be remitted to such institutions for the\n\nsupport of endowed chairs, professorships, lectureships and\n\npositions for artists in residence approved by the Oklahoma State\n\nRegents for Higher Education. The State Regents shall develop,\n\nadopt, and publish the criteria to be used in the evaluation of\n\nproposals for support of endowed chairs, professorships,\n\nlectureships and positions for artists in residence on a competitive\n\nand priority basis according to merit. Such criteria shall be based\n\non the goal of improving the overall quality of education and\n\nresearch. The endowed chairs, distinguished professorships,\n\nlectureships and positions for artists in residence should be\n\nestablished in academic areas which will contribute to the\n\nenhancement of the overall cultural, business, and/or economic\n\ndevelopment of Oklahoma. The individually endowed chairs and\n\nprofessorships should be established in areas for which the\n\ninstitution has ongoing, approved academic programs. Any trust\n\nincome and any investment return on any amount in the Trust Fund not\n\ndesignated for remittance to an institution as provided in Section\n\n3951 et seq. of this title shall become part of the principal of the\n\nTrust Fund.\n\nC. Trust Fund endowment accounts created pursuant to subsection\n\nA of this section shall be in a minimum amount of Two Hundred Fifty\n\nThousand Dollars ($250,000.00) for the support of endowed chairs, a\n\nminimum amount of Fifty Thousand Dollars ($50,000.00) for the\n\nsupport of professorships or a minimum amount of Twenty-five\n\nThousand Dollars ($25,000.00) for lectureships and artists in\n\nresidence. The number and size of endowment accounts shall be\n\ndetermined by the amount of matching monies that the institution\n\ncommits to endowment accounts. To be initially eligible for an\n\nendowment account within the Trust Fund, an institution shall have\n\non deposit as provided in subsection F of this section an amount\n\nequal to at least one-half (1/2) of the requested account.\n\nProvided, the regional and special purpose universities and two-year\n\ninstitutions in The Oklahoma State System of Higher Education shall\n\nhave priority in qualifying for the endowment accounts of Twenty-\n\nfive Thousand Dollars ($25,000.00) for lectureships and positions\n\nfor artists in residence.\n\nD. 1. The total matching requirement for monies received prior\n\nto July 1, 2008, shall be equal to the amount of the requested\n\nendowment account in each instance and shall be deposited within a\n\nperiod to be established by the State Regents. Said period shall\n\nnot be greater than three (3) years in length; provided, an\n\ninstitution may deposit in an endowment account matching monies in\n\nan amount which exceeds the required matching amount.\n\n2. After July 1, 2008, state matching monies must be used to\n\ncomplete the state matching requirements for all endowment accounts\n\nin place as of that date, before state matching monies may be used\n\nfor any accounts created after that date. After completion of such\n\nrequirements no more than a total of Five Million Dollars\n\n($5,000,000.00) of state matching monies may be used each year,\n\nsubject to the following provisions:\n\na. not more than a total of Four Million Dollars\n\n($4,000,000.00) each year may be used for the combined\n\nbenefit of comprehensive universities within The\nes may be used\n\nfor any accounts created after that date. After completion of such\n\nrequirements no more than a total of Five Million Dollars\n\n($5,000,000.00) of state matching monies may be used each year,\n\nsubject to the following provisions:\n\na. not more than a total of Four Million Dollars\n\n($4,000,000.00) each year may be used for the combined\n\nbenefit of comprehensive universities within The\n\nOklahoma State System of Higher Education, and\n\nb. not more than a total of One Million Dollars\n\n($1,000,000.00) each year may be used for the combined\n\nbenefit of other eligible institutions within The\n\nOklahoma State System of Higher Education.\n\n3. All Trust Fund endowment accounts created after July 1,\n\n2008, shall be subject to the following provisions:\n\na. Trust Fund endowment accounts with matching monies of\n\nTwo Hundred Fifty Thousand Dollars ($250,000.00) or\n\nless shall be matched with state matching monies\n\naccording to a 1:1 ratio, with One Dollar ($1.00) of\n\nstate matching monies to be matched with every One\n\nDollar ($1.00) of matching monies received, and\n\nb. Trust Fund endowment accounts with matching monies of\n\nmore than Two Hundred Fifty Thousand Dollars\n\n($250,000.00) shall be matched with state matching\n\nmonies according to a 1:4 ratio, with One Dollar\n\n($1.00) of state matching monies to be matched with\n\nevery Four Dollars ($4.00) of matching monies\n\nreceived.\n\n4. Any endowment account for which an institution fails to\n\nprovide the full required matching amount within the time\n\nestablished shall be available to be awarded to another public\n\ninstitution of higher education. No investment return shall be\n\nremitted to any institution from an endowment account before the\n\ninstitution has deposited the total required match for the endowment\n\naccount as provided in subsection F of this section.\n\n5. Notwithstanding any other provision of this section, no more\n\nthan a total of Six Hundred Seventy-one Million Two Hundred Thousand\n\nDollars ($671,200,000.00) of state matching monies shall be utilized\n\nfor the creation of endowment accounts under the provisions of this\n\nsection.\n\nE. 1. Monies which an institution provides for matching\n\npurposes must originate from monies contributed to the institution\n\nafter July 1, 1988, from private sources, which monies are\n\nspecifically designated by the private source to be used for\n\npurposes specified in this act, or from private contributions made\n\nafter July 1, 1988, to a foundation for which the sole beneficiary\n\nis that institution, which monies are specifically designated by the\n\nprivate contributor to be used for purposes specified in this act,\n\nand may not be drawn from allocations of appropriated funds received\n\nfrom the State Regents, proceeds of fees or charges authorized by\n\nlaw, or from federal grants or reimbursements.\n\n2. The State Regents may accept the transfer of endowed chairs\n\nand any associated funds from the MOST Eminent Scholars and Research\n\nEquipment Account created pursuant to the provisions of Section\n\n5060.13 of Title 74 of the Oklahoma Statutes for the purpose of the\n\nestablishment as endowed chairs in the Oklahoma State Regents'\n\nEndowment Trust Fund. Such endowed chairs shall be subject to and\n\nadministered in accordance with the statutes and regulations\n\napplicable to the Trust Fund; provided, however, the monies provided\n\nby an institution for matching purposes may have originated from\n\nprivate monies contributed to the institution or a foundation before\n\nor after July 1, 1988.\n\nF. Any institution which provides matching monies shall deposit\n\nthe matching monies in one of the following:\n\n1. The Trust Fund;\n\n2. An endowment matching fund of the institution; or\n\n3. A fund of a foundation whose sole beneficiary is that\n\ninstitution.\n\nAll investment return on matching monies which are deposited in a\n\nfund specified in paragraphs 2 or 3 of this subsection shall be\nly 1, 1988.\n\nF. Any institution which provides matching monies shall deposit\n\nthe matching monies in one of the following:\n\n1. The Trust Fund;\n\n2. An endowment matching fund of the institution; or\n\n3. A fund of a foundation whose sole beneficiary is that\n\ninstitution.\n\nAll investment return on matching monies which are deposited in a\n\nfund specified in paragraphs 2 or 3 of this subsection shall be\n\nretained in the fund. If such matching monies are not deposited in\n\nthe Trust Fund, the institution shall submit a report annually to\n\nthe State Regents in which the investments of the matching funds,\n\nearned interest and income, including capital gains and losses, and\n\nexpenditures including the costs of managing the investments are\n\ndetailed. Diminution of the original matching sum may at the\n\ndiscretion of the State Regents constitute a forfeiture of the\n\nstate-origin monies which the private-origin institutional monies\n\nwere to match.\n\nG. An institution may recommend to the State Regents that\n\nmonies benefiting the institution in an endowment account pursuant\n\nto the purposes of the Trust Fund be dedicated to an alternative\n\nacademic discipline or area. If the State Regents approve such\n\naction, the investment return from the endowment account may be\n\nutilized for such program.","path":["OK Code","Title 70"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os70.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"1842c7d475c825f8cc58fa2698d2e1d5e7ecc0b04fe9e97607e757515b2196e7","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-3951","next":"us-ok/okla.-stat.-tit.-70-70-3953"},"notice":"GroundRules: Original legal text. Not legal advice."}