Current through Reg. 50, No. 187; September 24, 2024
(1) Alignment with
College Mission. Prior to receipt of state appropriations for this program,
each community college board of trustees receiving state appropriations under
this program shall approve each gift to ensure alignment with the unique
mission of the community college.
(2) Eligibility.
(a) Contributions which have been approved by
the board of trustees must have been received by February 1. Contributions are
defined as "an unconditional transfer of cash or other assets to an entity in a
voluntary nonreciprocal transfer by another entity." Exchange transactions, in
which each party receives goods or services of approximately equal value, are
not contributions.
(b) For the
purpose of Section 1011.85(6),
F.S., "local funds" are defined as contributions from local
government.
(c) Auxiliary funds are
not contributions and are not eligible to be matched.
(d) The direct support organization must be
in current compliance with Section
1004.70(6),
F.S., regarding annual financial audits and their
submission.
(3)
Contributions. Contributions must be in cash defined as follows:
(a) Cash includes currency on hand, demand
deposits with financial institutions, and other deposit accounts with similar
characteristics (that is, the ability to deposit additional funds at any time
and withdraw funds at any time without prior notice or penalty).
(b) All other types of contributions such as
pledges that have not been paid, equipment, land, buildings, and art, must be
converted to cash in order to be used for matching
purposes.
(4) Unmatched
Contributions. Contributions received in prior years that remain unmatched may
be submitted for matching if evidence can be provided that the funds have not
been matched previously.
(5)
Certification Process.
(a) Community college
foundations requesting state appropriations under this program shall certify in
an annual report to the State Board of Education the eligible cash
contributions received by February 1 and previously unmatched by the state.
Designations shall be included in the report identifying which funds are
carry-forward and which are new contributions.
(b) Use designations shall be included in the
report certifying the following uses:
1.
Scholarships, student loans, or need-based grants - one hundred (100) percent
state match;
2. First Generation in
College Scholarships - one hundred (100) percent state match; and,
3. Other Eligible Uses - Match four (4)
dollars state funds to six (6) dollars contributed funds.
(c) Certification form must include a
statement of alignment with the college mission.
(d) As specified in Section
1011.85(4)(c),
F.S., the audit for each foundation receiving state funds from this program
must include a certification of accuracy in the amount reported for matching
funds.
(6) Expenditures.
Uses of proceeds under this program shall be in accordance with Section
1011.85(11),
F.S. A foundation may spend the contributions after the use is approved by
their board of trustees and before the state matching funds are
receipted.
(7) Expenditure Report.
Section 1011.85(4)(b),
F.S. requires the colleges to submit to the State Board of Education an annual
expenditure report tracking the use of all matching funds. The Florida College
System Office of Financial Policy & Facilities Planning & Budgeting
annually provides the format for submission of this expenditure
report.
Rulemaking Authority
1011.85 FS. Law Implemented
1011.85
FS.
New 8-20-07.
