South Dakota § 5-10-1.2 - Endowed institution interest and income fund--Allocation.

§ 5-10-1.2. Endowed institution interest and income fund--Allocation.

The commissioner of school and public lands shall deposit revenue collected for state endowed institutions under the control of the Board of Regents, pursuant to § 5-10-1 and chapters 10-4 and 10-6, in the Board of Regents endowed institution interest and income fund, created by § 5-10-1.1, and credit the appropriate institutional account within the fund. On a periodic basis, the commissioner shall allocate the money to the appropriate institutions.

The total allocation for an institution for a fiscal year is the lesser of that institution's revenue for the fiscal year plus the beginning cash balance of the institution's account or:

$ 236,041 for the University of South Dakota;

$ 548,451 for South Dakota State University;

$ 133,022 for South Dakota School of Mines and Technology;

$ 183,393 for Northern State University;

$ 173,360 for Dakota State University;

$ 173,360 for Black Hills State University;

$ 97,959 for South Dakota Services for the Deaf;

$ 94,712 for the School for the Blind and the Visually Impaired; and

$ 77,745 for the agricultural experiment station.

Revenue in excess of the allocation shall be credited to the corresponding institutional account. If the cash balance of any institutional account exceeds fifty percent of the maximum allocation for that institution at the end of the fiscal year, the commissioner shall allocate the portion over fifty percent to the institution in the next fiscal year in addition to the normal allocation.

Source: SL 1989, ch 50, § 2; SL 1989, ch 170, §§ 1-3; SL 1990, ch 44; SL 1998, ch 110, § 4; SL 1999, ch 25, § 3; SL 2023, ch 62, § 2.