North Carolina § 115C-490 - Creation of endowment funds; administration.
Full text of North Carolina North Carolina General Statutes § 115C-490 — Creation of endowment funds; administration., with citation guidance and answers to common questions.
§ 115C-490. Creation of endowment funds; administration.
Any local board of education is hereby authorized and empowered upon the passage of a resolution to create and establish a permanent endowment fund which shall be financed by gifts, donations, devises, or other forms of voluntary contributions. Any endowment fund established under the provisions of this Article shall be administered by the members of such board of education who, ex officio, shall constitute and be known as "The Board of Trustees of the Endowment Fund of the Public Schools of ______________ County or ______________ City or Town" (in which shall be inserted the name of the county, city or town). The board of trustees so established shall determine its own organization and methods of procedure. History (1961, c. 970; 1981, c. 423, s. 1; 2011-284, s. 77.) Effect of Amendments. - Session Laws 2011-284, s. 77, effective June 24, 2011, substituted "devises" for "bequests" in the first sentence. Legal Periodicals. - For note, "The Class is Greener on the Other Side: How Private Donations to Public Schools Play Into Fair Funding,” see 67 Duke L.J. 427 (2017).
Source: official North Carolina text · Last verified 2026-08-27
Frequently Asked Questions About North Carolina § 115C-490
What does North Carolina General Statutes § 115C-490 cover?
Section 115C-490 ("Creation of endowment funds; administration.") is part of the North Carolina General Statutes, the codified statutory law of North Carolina. 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 North Carolina § 115C-490?
A common citation format is "North Carolina General Statutes § 115C-490" (North Carolina). 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 North Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Carolina official source linked on this page or consult a licensed North Carolina attorney.
How does North Carolina § 115C-490 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Carolina 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 North Carolina.