Provides with respect to assets of any foundation, alumni association, or nonprofit organization affiliated with a state institution of higher education
Impact
The proposed law introduces procedures to protect charitable contributions made to institution affiliates. It outlines that a management board must inform both the Board of Regents and the affected institution's affiliate of a proposed transfer. Subsequently, the institution affiliate must notify its donors within a specified timeframe, providing them the opportunity to restrict the use of their contributions. This policy aims to retain donor intentions, fortifying the legislative intent to promote transparency and accountability in the management of educational resources.
Summary
House Bill 1133 seeks to establish regulatory measures regarding the transfer of assets from nonprofit organizations affiliated with public postsecondary education institutions in Louisiana. The bill mandates that any transfer of funds or property from foundations, alumni associations, or similar entities to a management board must receive prior approval from the Louisiana Board of Regents. This requirement aims to ensure that the interests of donors and contributors are safeguarded, as the bill recognizes that many may not be aware of potential asset transfers to management boards.
Sentiment
General sentiment surrounding HB 1133 appears to emphasize the importance of ensuring donor intent and institutional autonomy over asset management. Supporters of the bill laud it as a necessary measure to increase oversight and prevent potential misuse of funds that are designated for education. However, there may also be concerns regarding the bureaucratic burden this presents to management boards, potentially hindering resource allocation and operational efficacy.
Contention
Notably, the bill's central contention revolves around the balance of power and the bureaucratic challenges it imposes on postsecondary institutions. While it aims to protect donor contributions, opponents might argue that the additional layer of approval required could slow down necessary financial transfers and limit operational flexibility for management boards. This raises questions about the implications for asset management within institutions and whether these provisions will effectively serve the greater good of public postsecondary education in Louisiana.
Provides that public institutions of postsecondary education furnish public records without charge to student media organizations affiliated with the institution (EN SEE FISC NOTE SG EX)
Provides with respect to the lease of property at public postsecondary education institutions to nonprofit corporations or associations to hold fundraisers that include the auctioning and sale of firearms
Authorizes the creation of cooperative economic development districts affiliated with Louisiana public postsecondary education institutions (EG SEE FISC NOTE SD RV See Note)
Requests the Board of Regents to study and make recommendations relative to including certain students in calculations for determining and for reporting on graduation and completion rates by public postsecondary education institutions