| (a) A private donor may make a donation to the Board
to be used or spent for specified or unspecified public higher education
purposes. If the donor specifies the purpose, the Board must use or
expend the donation only for that purpose.
(b) The Board shall use or spend all donations in accordance
with the provisions of the State Appropriations Act. The Board shall
deposit all gifts in the state treasury unless exempted by specific
statutory authority.
(c) The Board may not transfer a private donation to
a foundation or private/public development fund without specific written
permission from the donor and the written approval of the Commissioner.
(d) The Board authorizes the Commissioner to accept
donations on its behalf.
(e) The Board will acknowledge the acceptance of a
gift or donation at the next Board meeting immediately after the date
the Commissioner accepts a gift on the Board's behalf.
(f) The Board will log gifts in its minutes as required
by chapter 575 of the Government Code.
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