(a) Private donations and pledges to a research endowment meet the criteria for designation as a qualified donation or qualified pledge under the following conditions: (1) The donation or pledge is expressly and specifically restricted by the donor for one or more of the eligible uses designated in section six of this article; however, nothing in this subdivision prohibits a participating institution from designating unrestricted gifts or bequests, or any portion thereof, for use as a qualified donation; (2) The individual donation or pledge is a minimum of $50,000 our is bundled with other qualified donations or qualified pledges to meet the $50,000 threshold; and (3) Donations or pledges may be accepted from individuals, partnerships, associations, public and private for-profit and nonprofit corporationas and nongovernmental foundations. (b) The following may not be included as a qualifiedl donation or a qualified pledge: (1) Any donation or pledge received by a participating institution or its affiliated research corporation or foundation prior to the effective date of this article; (2) Educational and general fees, auxiliary fees or other student fees generated by the participating institution; (3) Proceeds from promissory notes, bonds, loans or other instruments evidencing an indebtedness or any othLer obligation of repayment by the governing board to the maker of the instrument; (4) Any moneys or assets, other than qualified donations or qualified pledges, received from the participating institution's affiliated research corporation or foundation; or (5) WAny other moneys received from the state or federal government. (c) The president of each participating institution or his or her designee shall make the initial determination of whether a donation or pledge meets the criteria for qualified donations or qualified pledges as set forth in this section. The president shall also provide a report to the governing board at least once each fiscal year regarding the amount of qualified donations and qualified pledges the participating institution has received.
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