CT SB00996

Amends section 4-37f of general statutes, effective July 1, 2021, to establish requirements for written agreements between state agencies and their foundations regarding facility use, liability, and reimbursement of expenses.

Requires University of Connecticut Foundation to establish investment and spending policies consistent with sections 45a-535 to 45a-535i and mandates foundation records maintained by the state agency not be subject to public disclosure under section 1-210.

Implements tiered reduction in state cash compensation to UConn Foundation based on endowment market value as of January 1: $1 million reduction at $500M-$699M, $1.5 million at $700M-$899M, and $3 million at $900M-$1.249B, with zero compensation at $1.25B or greater.

Requires UConn Foundation to raise annual gifts and commitments for student support (scholarships, assistantships, fellowships, awards, prizes) equal to at least 15 percent of total gifts and commitments raised each fiscal year.

Establishes procedures for foundation dissolution, including prohibition on using the state agency name, retention of records by the state agency without public record status, and disposition of foundation assets with board of trustees approval.