Vermont § 2885 - Vermont Higher Education Endowment Trust Fund

§ 2885. Vermont Higher Education Endowment Trust Fund

• (a) A Vermont Higher Education Endowment Trust Fund is established in the Office of the
  State Treasurer to comprise the following: (1) appropriations made by the General Assembly; (2) in any fiscal year in which a General Fund surplus exists and the General Fund Stabilization
  Reserve is funded to its required statutory level, funds raised by the estate tax
  levied under 32 V.S.A. chapter 190 that are more than 125 percent of the amount projected
  by the Emergency Board in the July annual forecast made pursuant to 32 V.S.A. § 305a; and (3) contributions from any other sources. (b) The State Treasurer may invest the monies in the Fund. (c) In August of each fiscal year, beginning in the year 2000, the State Treasurer shall
  withdraw and divide an amount equal to five percent of the assets equally among the
  University of Vermont, the Vermont State Colleges, and the Vermont Student Assistance
  Corporation. In this subsection, “assets” means the average of the Fund’s market values
  at the end of each quarter for the most recent 12 quarters or all quarters of operation,
  whichever is less. Therefore, up to five percent of the Fund assets are hereby annually
  allocated pursuant to this section, provided that the amount allocated shall not exceed
  an amount that would bring the Fund balance below the initial funding made in fiscal
  year 2000 plus any additional contributions to the principal. The University of Vermont
  and the Vermont State Colleges shall use the funds to provide nonloan financial aid
  to Vermont students attending their institutions; the Vermont Student Assistance Corporation
  shall use the funds to provide nonloan financial aid to Vermont students attending
  a Vermont postsecondary institution. (d)(1) During the first quarter of each fiscal year, the Secretary of Administration or the
  Secretary’s designee and the Council created in subsection (h) of this section may
  authorize the State Treasurer to make an amount equal to not more than two percent
  of the assets available, in equal amounts, to the University of Vermont and the Vermont
  State Colleges for the purpose of creating or increasing a permanent endowment. (2) In this subsection, “assets” means the average of the Fund’s market values at the
  end of each quarter for the most recent 12 quarters or all quarters of operation,
  whichever is less. Up to two percent of the Fund assets are hereby annually allocated
  pursuant to this section, provided that the amount allocated shall not exceed an amount
  that would bring the Fund balance below the initial funding made in fiscal year 2000
  plus any additional contributions to the principal. One-half of the amount allocated
  shall be available to the University of Vermont and one-half shall be available to
  the Vermont State Colleges. The University of Vermont and the Vermont State Colleges
  may withdraw funds upon certification by the withdrawing institution to the Commissioner
  of Finance and Management that it has received private donations that are double the
  amount it plans to withdraw. (e) Annually, on or before September 30, the Treasurer shall render a financial report
  on the receipts, disbursements, and earnings of the Fund for the preceding fiscal
  year to the Secretary of Administration and the Council created in subsection (h)
  of this section. (f) All balances in the Fund at the end of any fiscal year shall be carried forward and
  used only for the purposes set forth in this section. Earnings of the Fund that are
  not withdrawn pursuant to this section shall remain in the Fund. (g) The University of Vermont, the Vermont State Colleges, and the Vermont Student Assistance
  Corporation shall review expenditures made from the Fund and evaluate the impact of
  the expenditures on higher education in Vermont and report this information to the
  House and Senate Committees on Education each year in January. (h) There is created the Vermont Higher Education Endowment Trust Fund Council to perform
  the duties set forth in subsections (d) and (e) of this section. The Council shall
  be attached to the Office of Treasurer for administration purposes and shall be composed
  of the following members: (1) the President of the University of Vermont; (2) the Chancellor of the Vermont State Colleges; (3) the President of the Vermont Student Assistance Corporation; (4) the President of the Association of Vermont Independent Colleges; (5) a representative from the business and industry community, selected by the Vermont
  Business Roundtable; (6) a member of the House of Representatives, appointed by the Speaker of the House; and (7) a member of the Senate, appointed by the Committee on Committees. (Added 1999, No. 27, § 1; amended 2001, No. 58, § 1; 2003, No. 122 (Adj. Sess.), § 294d; 2005, No. 71, § 273; 2009, No. 133 (Adj. Sess.), § 3; 2011, No. 139 (Adj. Sess.), § 15, eff. May 14, 2012; 2013, No. 92 (Adj. Sess.), § 191, eff. Feb. 14, 2014; 2021, No. 52, § 11, eff. June 3, 2021.)