Guam § 221305 - UOG Higher Education Endowment Funds.

§ 221305. UOG Higher Education Endowment Funds.

There is hereby created, separate and apart from other funds

of the government of Guam, a fund known as the ‘UOG Higher

Education Endowment Fund’. The UOG Higher Education

Endowment Fund shall not be commingled with the General Fund

and shall be kept in a separate bank account and administered by

the University of Guam. The UOG Higher Education Endowment

Fund may be invested or reinvested by the UOG Board of Regents

COL4/6/2022

in bonds or in securities that are approved for the Retirement

Fund, or according to modern investment practices of similar

funds.

The appropriations from the UOG Higher Education

Endowment Fund shall be limited to fifty percent (50%) of the

initial deposit from the proceeds of the sale for the first five (5)

years. Thereafter, expenditures shall be limited to ninety percent

(90%) of the earnings of the Fund. The proceeds from the

investments shall remain within the UOG Higher Education

Endowment Fund. All monies deposited into the UOG Higher

Education Endowment Fund shall be expended exclusively for

enhancement of learning resources and technology, including, but

not limited to, the following:

(a) purchase of computer equipment, books,

subscriptions, periodical materials and other library supplies

and materials;

(b) training; and

(c) management of library materials and resources.

The University of Guam shall determine the allocation of this

appropriation in compliance with this Section.