COMAR 24.05.22.07. Distributions — Authority Review

A. Within 90 days of execution of the agreement for distribution of matching funds under the Program, the nonprofit institution of higher education shall submit a request for distribution of matching funds from the Fund.

B. The Authority shall conduct a review of each request for distribution of matching funds from the Fund for compliance with the provisions of the Act and this chapter.

C. The Authority shall use the nonprofit institution of higher education’s approved research endowment plan to determine if requests for distributions from the Fund are valid and shall consider any additional information or details that expand upon the specific area of research, including endowment research plans, strategies, objectives, and projected outcomes.

D. In addition to the factors set forth in Economic Development Article, §6-618(c), Annotated Code of Maryland , in evaluating a request for distribution from the Fund, the Authority shall consider the qualified donation is greater than or equal to the amount of the requested distribution of matching funds from the Fund.

E. Ninety days after the Authority approves a request for distribution of matching funds, the nonprofit institution of higher education shall deposit an amount of qualified donations equal to or greater than the total amount of funds allocated for distribution to the nonprofit institution of higher education into the applicable research endowment.

F. If the Authority determines not to grant a request for distribution to a nonprofit institution of higher education, the Authority shall issue a letter to the nonprofit institution of higher education detailing the reason(s) the distribution of matching funds to the nonprofit institution of higher education could not be approved.