Connecticut Senate Bill SB00996

Connecticut 2021 Regular Session

• Introduced: 3/4/21
• Refer: 3/4/21
• Report Pass: 3/11/21
• Refer: 3/22/21
• Report Pass: 3/29/21
• Engrossed: 5/12/21
• Report Pass: 5/14/21
• Passed: 5/19/21
• Chaptered: 5/25/21
• Enrolled: 5/26/21
• Passed: 5/26/21

Caption

An Act Concerning Fundraising By The Foundation Of The University Of Connecticut.

Impact

If enacted, SB 996 would directly impact the financial management practices of the University of Connecticut's foundation. By mandating that cash compensation decreases based on the foundation's endowment value and requiring specific operational guidelines, it seeks to promote a more sustainable fundraising approach. This will not only affect how the foundation governs its finances but could potentially influence the educational funding available for scholarships and support for students within the university.

Summary

Senate Bill 996, titled 'An Act Concerning Fundraising By The Foundation Of The University Of Connecticut,' was designed to establish a framework for how the foundation of the University of Connecticut raises funds and interacts with the state. This legislation outlines specific guidelines regarding the foundation's financial operations, including cash compensation, reimbursement for state agency expenses, and investment policies. The intent behind the bill is to ensure that the foundation operates efficiently and responsibly while utilizing state resources.

Sentiment

General sentiment among lawmakers appears to be supportive of the bill's aim to ensure transparency and efficiency in fundraising efforts. The legislation was passed with a significant majority in a House roll call vote, indicating that many legislators view these changes as positive enhancements to the current operational model of the university's foundation. However, some concerns may also exist regarding the implications of state control over financial practices, highlighting a debate on the appropriate balance between state oversight and the foundation's autonomy.

Contention

While the bill passed largely without opposition, it is critical to note that there could be areas of contention regarding how strictly the state will monitor the foundation's financial dealings. Critics may argue that increased state oversight could hinder the foundation's ability to operate flexibly and respond quickly to fundraising opportunities. Furthermore, the provisions requiring reimbursement for state expenses incurred by the foundation may raise questions about the foundation's financial sustainability and independence moving forward.