Bill > S0034

This bill amends South Carolina law to modify how indirect cost recoveries are handled for nonresearch grants at public institutions of higher learning. Specifically, the bill creates an exception that allows these institutions to avoid crediting the first $500,000 of a nonresearch grant to the state's general fund if the grant directly supports the mission of another state agency, institution, or government unit. Indirect costs are expenses that cannot be directly attributed to a specific project but are necessary for its operation, such as administrative overhead. To ensure transparency, the bill requires each public institution of higher learning to submit an annual report by September 30th to key legislative and fiscal leadership detailing how they utilized this new provision in the previous fiscal year. The bill will take effect immediately upon the Governor's approval, providing public higher education institutions more flexibility in managing grants that support broader state government missions.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=34&session=126&summary=B