For purposes of this chapter: (1) "Qualifying college or university" means a state-supported, post-secondary two-year or four-year educational institution including college or university regional campuses offering undergraduate, master, or doctoral programs, a technical college under the jurisdiction of the State Board for Technical and Comprehensive Education, and a regional campus of the University of South Carolina. (2) "Endowments" mean permanent gifts or donations to the qualifying college or university or its principal foundation including cash, income producing securities, an income producing business, real property, personal property, fixed assets, mortgage notes, and life income gifts or bequests. Research grants and funds received by the institution in the performance of a contractual obligation are not an endowment for purposes of this chapter. (3) "Principal foundation" means a foundation designated by the Board of Trustees of the qualifying college or university and registered with the South Carolina Secretary of State. (4) "Year" means a state fiscal year beginning on the first day of July and ending the following June thirtieth.
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