Maryland § 15-104
Full text of Maryland Maryland Code § 15-104, with citation guidance and answers to common questions.
§ 15-104.
(a) It is the public policy of the State that endowment funds of public institutions of higher education and gifts, donations, bequests, private endowments, and private grants received by public institutions of higher education or their governing boards, including any income therefrom:
(1) Shall be used in accordance with the wishes of the donors; and
(2) May not be used as a substitute for State General Fund appropriations.
(b) (1) The public institutions of higher education are encouraged to promote private fundraising by strengthening institutional development activities and by maintaining relationships with affiliated foundations.
(2) Affiliated foundations that are independently established for this purpose shall operate subject to policies adopted by the governing boards and be approved for form and legal sufficiency by the Attorney General.
(3) The presidents of the University System of Maryland constituent institutions may establish campus–based foundations. Each foundation need not be approved by the Board of Regents of the University System of Maryland but shall operate subject to policies adopted by the Board of Regents of the University System of Maryland in consultation with the presidents of the University System of Maryland constituent institutions.
(4) An affiliated foundation established and operated under this subsection may not be considered an agency or instrumentality of the State or a unit of the Executive Branch for any purpose.
(5) A financial obligation or liability of an affiliated foundation established and operated under this subsection may not be considered a debt or an obligation of the State or the University System of Maryland.
(6) Sections 5–501 through 5–504 of the General Provisions Article do not bar an official or employee of a public institution of higher education from becoming a director, official, or employee of an independent foundation organized to foster fundraising and provide related services for the benefit of the institution.
(7) No funds shall be accepted from an affiliated foundation by a public institution of postsecondary education unless the fiscal affairs of the affiliated foundation are audited annually by an independent certified public accountant.
Frequently Asked Questions About Maryland § 15-104
What does Maryland Code § 15-104 cover?
Section 15-104 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 15-104?
A common citation format is "Maryland Code § 15-104" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 15-104 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.