C.R.S. Section 23-5-112
Gifts and bequests to institutions of higher education

  • venture development investment funds

(1)

All state institutions of higher education are authorized to receive gifts and bequests of money or property which may be tendered to any such institution by will or gift. The governing board of such institution is authorized, subject to the terms of any gift or bequest and to provisions of any applicable law, to hold such funds or property in trust or invest or sell them and use either principal or interest or the proceeds of sale for the benefit of such institutions or the students or others for whose benefit such institutions are conducted.

(2)

When a governing board of an institution of higher education is offered a gift of property, whether real or personal, which directly or indirectly involves significant ongoing expenditures, the institution shall require in connection therewith an endowment sufficient to fund such expenses. This subsection (2) shall not apply when the gift has been approved by the Colorado commission on higher education with the understanding that acceptance will require an allocation of state funding and the commission is satisfied that provision therefor can be made within available resources. The commission shall prepare a statement of procedures of review and of criteria to be applied in its review of any such gifts, which shall have the approval of the governor and joint budget committee.

(3)

Nonprofit entities such as foundations, institutes, and similar organizations organized for the sole benefit of one or more state institutions of higher education are entitled to receive gifts and bequests of money or property which may be tendered to any such entity by will or gift. Such gifts and bequests are subject to audit by the state auditor or the state auditor’s designee. If the entity is entirely separate and apart from the institution, if no employees of the institution serve as staff or as voting members of the entity’s board, and if the funds and accounts of the entity are entirely separate from those of the institution, such gifts and bequests are subject to annual audit to be performed by an independent accounting firm engaged by the entity if determined in advance to be satisfactory to the legislative audit committee. The state auditor shall have access to all of the accountant’s work papers. If, alternatively, the separate relationship does not prevail, members and employees of the board of the entity may include staff members or employees of the institution, and such gifts and bequests are subject to audit by the state auditor or the state auditor’s designee.

(4)

Intentionally left blank —Ed.

(a)

Each state institution of higher education may elect to establish a venture development investment fund for the purpose of facilitating the commercialization of research projects conducted at a research institution of the institution or a research institution that has an office of technology transfer. A venture development fund may be administered by a nonprofit entity such as a foundation, institute, or similar organization that is affiliated with the institution.

(b)

The purposes of a venture development investment fund established by a state institution of higher education pursuant to this section shall include, but need not be limited to, providing the following:

(I)

Capital for entrepreneurial programs that are associated with the institution;

(II)

Opportunities for students of the institution to gain experience in applying research to commercial activities;

(III)

Proof-of-concept funding for the purpose of transforming research and development concepts into commercially viable products or services; and

(IV)

Entrepreneurial opportunities for persons who are interested in transforming research into viable commercial ventures that create jobs in Colorado.

(c)

Each state institution of higher education and each nonprofit entity, such as a foundation, institute, or similar organization, that is affiliated with a state institution of higher education is authorized to seek and accept gifts, grants, and donations to facilitate the establishment of a venture development investment fund.

(d)

Individuals, businesses, and other entities are encouraged to donate moneys to research institutions of state institutions of higher education for the purpose of advancing the commercialization of research projects at the research institutions.

Source: Section 23-5-112 — Gifts and bequests to institutions of higher education - venture development investment funds, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-23.­pdf (accessed Oct. 20, 2023).

23‑5‑101.5
Enterprise status of auxiliary facilities - definitions 23‑5‑101.7
Enterprise status of institutions of higher education 23‑5‑102
Funding for auxiliary facilities - institutions of higher education - loans - bonds 23‑5‑103
Pledge of income 23‑5‑104
No property lien 23‑5‑105
Tax exemption 23‑5‑105.5
State board for community colleges and occupational education - authority to create financial obligations 23‑5‑106
Authority of governing boards - general - health-care insurance - contracts of indemnity 23‑5‑106.5
Authority of governing boards - student applications - criminal and disciplinary history inquiry - exceptions - definitions 23‑5‑107
Authority of governing boards - parking 23‑5‑108
Governing boards authorized to cede jurisdiction for enforcement of traffic laws 23‑5‑109
Identification - suicide and crisis prevention - rules 23‑5‑110
Medical personnel 23‑5‑112
Gifts and bequests to institutions of higher education - venture development investment funds 23‑5‑113
Collection of loans and outstanding obligations - state educational institutions 23‑5‑113.5
Prohibition on withholding transcripts and diplomas - postsecondary institution - remedy - definitions 23‑5‑114
National direct student loans - authority to separately collect advances 23‑5‑115
Loans or outstanding obligations offset 23‑5‑116
Governing boards - authority to provide out-of-state courses 23‑5‑117
Governing boards - delegation of personnel power 23‑5‑118
Selective service registration information 23‑5‑119.5
Student fees - legislative declaration - definitions - institutional plans - fee information - reporting 23‑5‑120
Student fees - deposit - interest 23‑5‑121
Governing boards - authority to establish nonprofit corporations for developing discoveries and technology 23‑5‑122
Intrainstitutional and intrasystem transfers - course scheduling 23‑5‑123
Sabbatical leave - policy - production of records - legislative declaration - definition 23‑5‑124
Student enrollment - prohibition - public peace and order convictions - definitions 23‑5‑125
Campus sex offender information 23‑5‑126
Governing boards - anti-terrorism measures 23‑5‑127
Unique student identifying number - social security number - prohibition 23‑5‑128
Meningococcal disease - information - immunity - definitions 23‑5‑131
Governing boards - tuition - fixed rate contract - definitions 23‑5‑132
Governing boards - travel policies - exemption from state travel rules 23‑5‑134
Appointments to governing boards - considerations 23‑5‑136
Governing boards - online textbook program 23‑5‑137
Loan repayment assistance - legislative declaration - definitions 23‑5‑138
Textbooks - academic freedom - definitions 23‑5‑139
Higher education revenue bond intercept program - definitions 23‑5‑140
Lifesaving school safety information - legislative declaration - definitions 23‑5‑140.5
Employee information - student loan repayment and forgiveness programs 23‑5‑140.7
Calculation of full-time employment of teachers for purposes of the federal public loan forgiveness program - definitions 23‑5‑141
Campus police information sharing - legislative declaration - definitions 23‑5‑142
Institution law enforcement agencies to provide identification cards to retired peace officers upon request - definitions 23‑5‑143
Sexual assault victim care - memorandum of understanding - training - definitions 23‑5‑144
Students’ right to speak in a public forum - legislative declaration - violations - court actions - free speech zones - definitions 23‑5‑145
Credit for military education and training - policy - definition 23‑5‑145.5
Credit for work-related experience - plan - report - definitions - repeal 23‑5‑145.6
Opportunities for credential attainment - fund - report - definitions - repeal 23‑5‑145.7
Funding for nondegree credential programs - duty - policy - appropriation - report - definitions - repeal 23‑5‑146
Sexual misconduct - policies - confidential resources - training - reports - definitions 23‑5‑147
Sexual misconduct advisory committee - membership - duties - report - legislative declaration - definitions 23‑5‑148
Dental therapy training programs - authorization to grant advanced standing - definition 23‑5‑149
Epinephrine auto-injectors at institutions of higher education - immunity - short title
Green check means up to date. Up to date

Current through Fall 2024

§ 23-5-112’s source at colorado​.gov