Bill > S948

This bill modifies the existing endowment match program for public higher education institutions in Massachusetts by removing the phrase "subject to appropriation" and establishing a guaranteed funding allocation of $30 million. The funding will be specifically distributed as follows: $10 million to the University of Massachusetts, $10 million to state universities, and $10 million to community colleges. The bill ensures that each type of public institution has an opportunity to secure matching funds, and includes a cascading reallocation mechanism where unused funds from community colleges can be redirected to state universities, and unused state university funds can be redirected to the University of Massachusetts. The purpose of this endowment match program is to encourage private fundraising by public higher education institutions in the Commonwealth, helping them to develop their endowment and capital outlay programs. By removing the "subject to appropriation" language and specifying a fixed funding amount, the bill appears to provide more financial certainty and predictability for these educational institutions.

Education

https://malegislature.gov/Bills/194/S948