Montana § 20-25-455 - Montana University System Assistance Program -- Purpose -- Duties Of Board Of Regents

§ 20-25-455. Montana University System Assistance Program -- Purpose -- Duties Of Board Of Regents

Montana university system assistance program -- purpose -- duties of board of regents. (1) There is a Montana university system assistance program administered by the board of regents through the office of the commissioner of higher education. The program must allow a private donor to make tax deductible contributions by cash, check, or money order that benefit a qualifying institution and students of these public institutions. (2) As part of the program, the board of regents shall: (a) provide a donor with a receipt that reflects the contribution in sufficient detail for the donor to claim any applicable credits or deductions for state and federal income tax purposes; (b) deposit donations to the program in the state special revenue account established by 20-25-456 ; (c) develop procedures and forms that enable a donor to make contributions by cash, check, or money order for the benefit of a specific qualifying institution. If a donor does not select an institution, the donation must be allocated on an equal basis to all qualifying institutions by dividing the total donation by the number of qualifying institutions. (d) develop procedures and forms that enable a donor to select the percentage of the donation that will be used by a qualifying institution for building projects, educational programs, and academic scholarships. If a donor does not make a selection, the donation may be used for the general support, maintenance, or improvement of the institution as provided in 17-3-1001 (2). (e) maintain adequate records to account for contributions that are allocated to each specific qualifying institution and any donor selection preference; (f) provide each qualifying institution with a schedule showing the total donations credited to the institution at the end of each fiscal year; and (g) distribute donor contributions to the qualifying institution's endowment fund as provided in 20-25-456 . (3) For the purposes of 20-25-456 and this section, "qualifying institution" means: (a) a Montana community college that is part of a community college district, defined and organized as provided in 20-15-101 ; and (b) a unit of the Montana university system, as described in 20-25-201 , or any of its affiliated campuses.