(a) The governing body of each nonprofit institution of higher education may create and administer one or more research endowments to receive funding from the Fund. (b) A research endowment consists of funds distributed by the Authority from the Fund in accordance with § 6-618 of this subtitle and qualified donations. (c) (1) The governing body of a nonprofit institution of higher education may invest funds deposited into the research endowment in a manner consistent with other institutional endowments managed by the institution. (2) Any interest or other investment earnings on the funds invested are retained by the nonprofit institution of higher education to be used for the purposes set forth in this subtitle. (d) Investment earnings accruing to the research endowment of a nonprofit institution of higher education may be expended by the governing body of the institution only for the eligible uses under § 6-614 of this subtitle. (e) The governing body of a nonprofit institution of higher education is exempt from liability for any loss or decrease in value of the assets or income of a research endowment, unless the losses or decreases in value result from bad faith, gross negligence, or intentional misconduct. (f) The governing body of a nonprofit institution of higher education shall issue rules for the administration of research endowments that fulfill the purposes and requirements of this subtitle.
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