New Jersey § 18a:62-40
Full text of New Jersey New Jersey Statutes § 18a:62-40, with citation guidance and answers to common questions.
§ 18a:62-40.
a. No institution of higher education having a total endowment of more than $1,000,000,000,
and no foundation institutionally related to such an institution, shall be eligible
to receive State matching funds under this act. b. No endowment contribution or donation to an institution of higher education from
a foundation institutionally related to that institution shall be eligible to be matched
with State funds under the provisions of this act. c. The matching funds provided to an institution of higher education or to a foundation
institutionally related to such an institution pursuant to sections 4 through 11 of
this act shall be used by the institution or foundation exclusively for academic purposes
and shall not be used to fund any activity, program or project unrelated or only incidentally
related to those purposes, such as the award of athletic scholarships , except that the matching funds may be used for the payment of the cost of building construction, in accordance with the terms as to use for particular purposes stipulated by the donor
of the endowment contribution or donation. The matching funds provided shall not be used for the purpose of sectarian instruction,
the construction or maintenance of sectarian facilities, or for any other sectarian
purpose or activity. These restrictions shall not apply to the use by the institution or foundation of any of the endowment
contributions and donations with respect to which those matching funds were paid.
Frequently Asked Questions About New Jersey § 18a:62-40
What does New Jersey Statutes § 18a:62-40 cover?
Section 18a:62-40 is part of the New Jersey Statutes, the codified statutory law of New Jersey. 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 New Jersey § 18a:62-40?
A common citation format is "New Jersey Statutes § 18a:62-40" (New Jersey). 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 New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 18a:62-40 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey 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 New Jersey.