(a) In order to promote a coordinated system of higher education in Arkansas and to assure an orderly and effective development of each of the publicly supported institutions of higher education, the Arkansas Higher Education Coordinating Board shall have the power and duty to provide administrative assistance in accordance with terms agreed upon by both the Department of Higher Education and parties establishing trusts, endowments, or otherwise providing funds in support of scholarships, research, or other educational activities at Arkansas institutions of higher education.
(b) The department is not authorized to be the custodian of, or to in any way participate in, the financial management of trusts, endowments, or other funds established for purposes of §§ 6-61-101 -- 6-61-103, 6-61-201 -- 6-61-209, 6-61-211 [repealed], 6-61-212 -- 6-61-216, 6-61-301 -- 6-61-305, 6-61-306 [repealed], 6-61-401, 6-61-402, 6-61-501 -- 6-61-524, 6-61-601 -- 6-61-603, and 6-61-604 -- 6-61-612 [repealed].
(c)
(1) The assistance of the department is limited to administrative support in the allocation or awarding of funds to be disbursed by the donor or a properly authorized trustee.
(2) The department is authorized to supplement administrative costs for such assistance by charging a minimal administrative fee acceptable to the department and the parties establishing the endowments or providing the funds.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
