The Florida Senate

240.5335  Women's Athletics Trust Fund; creation, administration, and use for challenge grants.--

(1)  The Legislature recognizes that women's athletics within the State University System would be greatly strengthened by increased private financial support. It is therefore the intent of the Legislature to establish a trust fund to provide the opportunity for each state university to receive and match challenge grants for women's athletics. The associated foundations that serve the universities shall solicit and receive gifts from private sources to provide matching funds to the trust fund challenge grants.

(2)  There is established a Women's Athletics Trust Fund to be divided into challenge grants to be administered by the Board of Regents. The Legislature shall designate funds to be transferred to the trust fund. All appropriated funds deposited into the trust fund shall be invested pursuant to rules adopted by the Board of Regents. Interest income accruing to that portion of the trust fund not matched shall increase the total funds available for challenge grants.

(a)  The amount appropriated for the trust fund shall be allocated by the Board of Regents to each university on the basis of one $5,000 challenge grant for each $7,500 raised from private sources. The matching funds shall come from private contributions for women's athletics which are not counted as match for any other challenge grant program and which are made after July 1, 1985.

(b)  Prior to January 1, 1986, each university shall be eligible to match the funds appropriated for the trust fund up to $50,000.

(c)  Beginning on January 1, 1986, any funds appropriated for this act which remain unmatched shall be made available for matching, by any eligible university which has received matching funds, in $5,000 increments for each additional $7,500 of private donations received.

(3)  All matching grants and donations may only be used for endowed scholarships for women athletes and other endowed activities relating to women's athletics, enhancements to existing women's athletic facilities, major equipment purchases and other activities which have a long-term impact on the university's women's athletic program. The grants and donations may not, however, be used for the construction of any new facilities.

(4)  Each university foundation shall establish a Women's Athletics Trust Fund as a depository for private contributions and state matching funds. The foundation shall have the responsibility for the maintenance and investment of its trust fund and for the administration of the program at that university. Each foundation shall include in its annual report to the Board of Regents information concerning collection and investment of matching gifts and donations and investment of the trust fund.

(5)  The funding provided for by this act shall be in addition to that required in s. 240.533(3).

History.--ss. 1, 2, ch. 85-362; s. 4, ch. 93-202.