SECTION 1.83. Gifts and Donations to the Board

(a) A private donor may make a donation to the Board to be used or spent for specified or unspecified public higher education purposes. If the donor specifies the purpose, the Board must use or expend the donation only for that purpose.

(b) The Board shall use or spend all donations in accordance with the provisions of the State Appropriations Act. The Board shall deposit all gifts in the state treasury unless exempted by specific statutory authority.

(c) The Board may not transfer a private donation to a foundation or private/public development fund without specific written permission from the donor and the written approval of the Commissioner.

(d) The Board authorizes the Commissioner to accept donations on its behalf.

(e) The Board will acknowledge the acceptance of a gift or donation at the next Board meeting immediately after the date the Commissioner accepts a gift on the Board's behalf.

(f) The Board will log gifts in its minutes as required by chapter 575 of the Government Code.

Source Note: The provisions of this §1.83 adopted to be effective May 18, 2023, 48 TexReg 2489