Connecticut 2021 Regular Session

Connecticut Senate Bill SB00996 Compare Versions

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Version 2 (New)

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	7	+	General Assembly Raised Bill No. 996
	8	+	January Session, 2021
	9	+	LCO No. 4280
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	11	+
	12	+	Referred to Committee on HIGHER EDUCATION AND
	13	+	EMPLOYMENT ADVANCEMENT
	14	+
	15	+
	16	+	Introduced by:
	17	+	(HED)
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2	19
3	20
4		-	Senate Bill No. 996
5		-
6		-	Public Act No. 21-19
7		-
8		-
9		-	AN ACT CONCERNING FUNDRAISING BY THE FOUNDATION OF
10		-	THE UNIVERSITY OF CONNECTICUT.
	21	+	AN ACT CONCERNING FU NDRAISING BY THE FOUNDATION OF THE
	22	+	UNIVERSITY OF CONNEC TICUT.
11	23		Be it enacted by the Senate and House of Representatives in General
12	24		Assembly convened:
13	25
14		-	Section 1. Subdivision (10) of section 4-37f of the general statutes is
15		-	repealed and the following is substituted in lieu thereof (Effective July 1,
16		-	2021):
17		-	(10) There shall be a written agreement between the state agency and
18		-	the foundation that (A) addresses any use by the foundation of the
19		-	agency's facilities and resources including, but not limited to, office
20		-	space, storage space, office furniture and equipment, utilities,
21		-	photocopying services, computer systems and the maintenance by the
22		-	state agency of the books and records of the foundation, provided any
23		-	such books and records maintained by the state agency shall not be
24		-	deemed to be public records and shall not be subject to disclosure
25		-	pursuant to the provisions of section 1-210, (B) provides that the state
26		-	agency shall have no liability for the obligations, acts or omissions of the
27		-	foundation, (C) requires the foundation to reimburse the state agency
28		-	for expenses the agency incurs as a result of foundation operations, if
29		-	the agency would not have otherwise incurred such expenses, (D) in the
30		-	case of foundations established for a constituent unit of the state system
31		-	of higher education or for a public institution of higher education, Senate Bill No. 996
	26	+	Section 1. Subdivision (10) of section 4-37f of the general statutes is 1
	27	+	repealed and the following is substituted in lieu thereof (Effective July 1, 2
	28	+	2021): 3
	29	+	(10) There shall be a written agreement between the state agency and 4
	30	+	the foundation that (A) addresses any use by the foundation of the 5
	31	+	agency's facilities and resources including, but not limited to, office 6
	32	+	space, storage space, office furniture and equipment, utilities, 7
	33	+	photocopying services, computer systems and the maintenance by the 8
	34	+	state agency of the books and records of the foundation, provided any 9
	35	+	such books and records maintained by the state agency shall not be 10
	36	+	deemed to be public records and shall not be subject to disclosure 11
	37	+	pursuant to the provisions of section 1-210, (B) provides that the state 12
	38	+	agency shall have no liability for the obligations, acts or omissions of the 13
	39	+	foundation, (C) requires the foundation to reimburse the state agency 14 Raised Bill No. 996
32	40
33		-	Public Act No. 21-19 2 of 3
34	41
35		-	requires the foundation to establish and adhere to an investment policy
36		-	and a spending policy that are consistent with sections 45a-535 to 45a-
37		-	535i, inclusive, (E) on and after July 1, 2017, if the state agency is The
38		-	University of Connecticut, provides that (i) the total cash compensation
39		-	to be paid in a fiscal year by the state agency to the foundation shall
40		-	decrease from the amount paid in the preceding fiscal year or the
41		-	amount paid in the fiscal year ending June 30, 2016, whichever is
42		-	greater, by (I) one million dollars when the market value of the
43		-	foundation's endowment fund as of January first of the preceding fiscal
44		-	year is equal to or greater than five hundred million dollars but less than
45		-	seven hundred million dollars, (II) one million five hundred thousand
46		-	dollars when the market value of such fund as of January first of the
47		-	preceding fiscal year is equal to or greater than seven hundred million
48		-	dollars but less than nine hundred million dollars, or (III) three million
49		-	dollars when the market value of such fund as of January first of the
50		-	preceding fiscal year is equal to or greater than nine hundred million
51		-	dollars but less than one billion two hundred fifty million dollars, (ii) no
52		-	cash compensation shall be paid by the state agency to the foundation
53		-	when the amount in such foundation's endowment fund as of January
54		-	first of the preceding fiscal year is equal to or greater than one billion
55		-	two hundred fifty million dollars, [and] (iii) if the market value of the
56		-	foundation's endowment fund as of January first of the preceding fiscal
57		-	year decreases below any of the thresholds stated in subclause (I), (II) or
58		-	(III) of clause (i) of this subparagraph, then the amount of the cash
59		-	payment to the foundation shall be increased to equal the same amount
60		-	that was paid to the foundation prior to exceeding the threshold in
61		-	subclause (I), (II) or (III) of clause (i) of this subparagraph, until the July
62		-	first following a January first on which the market value of the
63		-	foundation's endowment fund again exceeds such threshold, and (iv) in
64		-	any fiscal year, if the two-year average of total gifts and commitments
65		-	reported by the foundation, pursuant to subparagraph (B) of
66		-	subdivision (9) of this section, for the preceding two fiscal years is not
67		-	less than five times the average total cash compensation paid by the state Senate Bill No. 996
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68	45
69		-	Public Act No. 21-19 3 of 3
	46	+	for expenses the agency incurs as a result of foundation operations, if 15
	47	+	the agency would not have otherwise incurred such expenses, (D) in the 16
	48	+	case of foundations established for a constituent unit of the state system 17
	49	+	of higher education or for a public institution of higher education, 18
	50	+	requires the foundation to establish and adhere to an investment policy 19
	51	+	and a spending policy that are consistent with sections 45a-535 to 45a-20
	52	+	535i, inclusive, (E) on and after July 1, 2017, if the state agency is The 21
	53	+	University of Connecticut, provides that (i) the total cash compensation 22
	54	+	to be paid in a fiscal year by the state agency to the foundation shall 23
	55	+	decrease from the amount paid in the preceding fiscal year or the 24
	56	+	amount paid in the fiscal year ending June 30, 2016, whichever is 25
	57	+	greater, by (I) one million dollars when the market value of the 26
	58	+	foundation's endowment fund as of January first of the preceding fiscal 27
	59	+	year is equal to or greater than five hundred million dollars but less than 28
	60	+	seven hundred million dollars, (II) one million five hundred thousand 29
	61	+	dollars when the market value of such fund as of January first of the 30
	62	+	preceding fiscal year is equal to or greater than seven hundred million 31
	63	+	dollars but less than nine hundred million dollars, or (III) three million 32
	64	+	dollars when the market value of such fund as of January first of the 33
	65	+	preceding fiscal year is equal to or greater than nine hundred million 34
	66	+	dollars but less than one billion two hundred fifty million dollars, (ii) no 35
	67	+	cash compensation shall be paid by the state agency to the foundation 36
	68	+	when the amount in such foundation's endowment fund as of January 37
	69	+	first of the preceding fiscal year is equal to or greater than one billion 38
	70	+	two hundred fifty million dollars, [and] (iii) if the market value of the 39
	71	+	foundation's endowment fund as of January first of the preceding fiscal 40
	72	+	year decreases below any of the thresholds stated in subclause (I), (II) or 41
	73	+	(III) of clause (i) of this subparagraph, then the amount of the cash 42
	74	+	payment to the foundation shall be increased to equal the same amount 43
	75	+	that was paid to the foundation prior to exceeding the threshold in 44
	76	+	subclause (I), (II) or (III) of clause (i) of this subparagraph, until the July 45
	77	+	first following a January first on which the market value of the 46
	78	+	foundation's endowment fund again exceeds such threshold, and (iv) in 47
	79	+	any fiscal year, if the two-year average of total gifts and commitments 48
	80	+	reported by the foundation, pursuant to subparagraph (B) of 49 Raised Bill No. 996
70	81
71		-	agency during the same period, the provisions of clauses (i) to (iii),
72		-	inclusive, of this subparagraph shall not be applicable to the cash
73		-	compensation paid by the state agency to the foundation in such fiscal
74		-	year, (F) on and after July 1, 2017, requires the foundation to use
75		-	reasonable efforts to raise gifts and commitments each fiscal year for
76		-	student support, including, but not limited to, scholarships,
77		-	assistantships, fellowships, awards and prizes, that equal not less than
78		-	fifteen per cent of the total amount of all gifts and commitments raised
79		-	by the foundation in the same fiscal year, and (G) provides that if the
80		-	foundation ceases to exist or ceases to be a foundation, as defined in
81		-	section 4-37e, (i) the foundation shall be prohibited from using the name
82		-	of the state agency, (ii) the records of the foundation, or copies of such
83		-	records, shall be made available to and may be retained by the state
84		-	agency, provided any such records or copies which are retained by the
85		-	state agency shall not be deemed to be public records and shall not be
86		-	subject to disclosure pursuant to the provisions of section 1-210, and (iii)
87		-	there are procedures for the disposition of the financial and other assets
88		-	of the foundation. If the state agency is a constituent unit, the board of
89		-	trustees of the constituent unit shall approve such agreement. If the state
90		-	agency is a public institution of higher education, the board of trustees
91		-	of the constituent unit which has jurisdiction over the institution shall
92		-	approve such agreement; and
93		-	Approved May 26, 2021
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	86	+
	87	+	subdivision (9) of this section, for the preceding two fiscal years is not 50
	88	+	less than five times the average total cash compensation paid by the state 51
	89	+	agency during the same period, the provisions of clauses (i) to (iii), 52
	90	+	inclusive, of this subparagraph shall not be applicable to the cash 53
	91	+	compensation paid by the state agency to the foundation in such fiscal 54
	92	+	year, (F) on and after July 1, 2017, requires the foundation to use 55
	93	+	reasonable efforts to raise gifts and commitments each fiscal year for 56
	94	+	student support, including, but not limited to, scholarships, 57
	95	+	assistantships, fellowships, awards and prizes, that equal not less than 58
	96	+	fifteen per cent of the total amount of all gifts and commitments raised 59
	97	+	by the foundation in the same fiscal year, and (G) provides that if the 60
	98	+	foundation ceases to exist or ceases to be a foundation, as defined in 61
	99	+	section 4-37e, (i) the foundation shall be prohibited from using the name 62
	100	+	of the state agency, (ii) the records of the foundation, or copies of such 63
	101	+	records, shall be made available to and may be retained by the state 64
	102	+	agency, provided any such records or copies which are retained by the 65
	103	+	state agency shall not be deemed to be public records and shall not be 66
	104	+	subject to disclosure pursuant to the provisions of section 1-210, and (iii) 67
	105	+	there are procedures for the disposition of the financial and other assets 68
	106	+	of the foundation. If the state agency is a constituent unit, the board of 69
	107	+	trustees of the constituent unit shall approve such agreement. If the state 70
	108	+	agency is a public institution of higher education, the board of trustees 71
	109	+	of the constituent unit which has jurisdiction over the institution shall 72
	110	+	approve such agreement; and 73
	111	+	This act shall take effect as follows and shall amend the following
	112	+	sections:
	113	+
	114	+	Section 1 July 1, 2021 4-37f(10)
	115	+
	116	+	HED Joint Favorable
	117	+