A. All endowments, gifts, bequests, and indirect cost reimbursements from sponsored grants and contracts given to, or received by, any constituent institution, and the income therefrom, shall belong to and be used only for and by the recipient institution.
B. The State Regents shall not take into consideration either the principal or income of paid endowments, gifts and bequests, or any indirect cost reimbursements from sponsored grants and contracts in allocating the state-appropriated funds to such constituent institution, but shall allocate the state-appropriated funds to such institution as though such funds did not exist.
Amended by Laws 1987, c. 204, § 67, operative July 1, 1987; Laws 1989, c. 281, § 9, operative July 1, 1989.
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