ND HB1408

State board of higher education shall distribute endowment fund appropriations to each institution based on the proportion of full-time equivalent students enrolled on May 1, 2013, compared to total enrollment across all controlled institutions.

Each institution must retain received amounts in a permanent fund and may only expend interest earnings to fund endowed chair positions.

Institutions must obtain a dollar-for-dollar match from nonpublic sources for each endowed chair position expenditure.

$500,000 is appropriated from the general fund to the state board of higher education for creating endowment funds at each institution under its control.

Appropriation covers the biennium beginning July 1, 2013, and ending June 30, 2015.