GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2017
H D
HOUSE BILL DRH40347-LH-126 (03/29)
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Short Title: UNC/Use of Institutional Trust Funds. |
(Public) |
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Sponsors: |
Representative Brody. |
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Referred to: |
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A BILL TO BE ENTITLED
AN ACT to prohibit the community colleges and the university of north carolina from using institutional trust funds or investment earnings on those funds for political purposes.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 115D‑32 reads as rewritten:
"§ 115D‑32. Local financial support of institutions.
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(c) The board of trustees of each institution may apply institutional funds provided in accordance with G.S. 115D‑54(b)(3) for such purposes as may be determined by the board of trustees of the institution. Institutional trust funds and investment earnings on those trust funds shall not be used for any expenditures or contributions under Chapter 163 of the General Statutes.
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SECTION 2. G.S. 116‑36.1 reads as rewritten:
"§ 116‑36.1. Regulation of institutional trust funds.
(a) The Board is responsible for the custody and management of the trust funds of the University of North Carolina and of each institution. The Board shall adopt uniform policies and procedures applicable to the deposit, investment, and administration of these funds which shall assure that the receipt and expenditure of such funds is properly authorized and that the funds are appropriately accounted for. The Board may delegate authority, through the president, to the respective chancellors of the institutions when such delegation is necessary or prudent to enable the institution to function in a proper and expeditious manner. Trust funds and investment earnings on trust funds shall not be used for any expenditures or contributions under Chapter 163 of the General Statutes.
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SECTION 3. This act becomes effective July 1, 2017.