CT SB00333

Repeals and replaces Section 4-37f of the general statutes effective July 1, 2017, establishing requirements for state agency foundations, particularly the University of Connecticut foundation.

Requires foundations to have a governing board with specified nonvoting members including the agency executive, an elected student, and an elected faculty member, unless bylaws provide for voting membership.

Mandates foundations use generally accepted accounting principles and prohibits acts described in the Solicitation of Charitable Funds Act; requires full audits for foundations with receipts and earnings of $100,000 or more annually.

Establishes reporting requirements for the University of Connecticut foundation with endowments exceeding $1.5 million, including annual disclosure to legislative committees of board members, financial statements, donor information, and scholarships and grants data.

Requires written agreements between state agencies and foundations addressing facility use, liability, reimbursement of expenses, and for University of Connecticut, specifies cash compensation reductions based on endowment market value thresholds and requires 15% of annual gifts be directed to student support.