(a) The Trustees may accept services, moneys, gifts, endowments, donations, and bequests. The Trustees may in their discretion retain or not retain such in the form in which they are made.
(b) The Trustees shall establish in 1 or more financial institutions in the District of Columbia the District of Columbia Postsecondary Education Fund. There shall be deposited in such fund all gifts and contributions in whatever form, funds in receipt of services rendered, other than tuition, and all moneys not included in the annual operating and capital and educational improvements funds appropriated by Congress. Moneys deposited therein shall be available for investment and shall be distributed in such amounts and in such manner as the Trustees may determine. The Trustees are authorized to administer such fund in whatever manner the Trustees may deem wise and prudent, provided that such administration is lawful and does not impose any fiscal burden on the District of Columbia.
(b-1) The Trustees shall establish in one or more financial institutions in the District of Columbia a District of Columbia School of Law Fund (“Fund”). There shall be deposited in the Fund all gifts and contributions in whatever form, funds received for services rendered by the School of Law, other than tuition, and all monies dedicated to the support of the School of Law not included in the annual operating and capital improvement funds appropriated for the University by Congress. Subject to the applicable laws relating to the appropriation of District funds, the Trustees are authorized to administer the Fund in whatever manner the Trustees may deem wise and prudent, provided that the administration is lawful, in accordance with the fiduciary responsibilities of the Trustees, and does not impose any financial burden on the District of Columbia.
(c) It is not the intent that any income derived as a result of such funds shall take the place of any District or federal appropriations or any part thereof but that it shall supplement such appropriations to the end that the University may improve and increase its functions, may enlarge its areas of service and may become more useful to a greater number of people. Nothing in this section shall be construed to prevent the Trustees from receiving gifts, donations, and bequests from any source and from using the same for such lawful purposes as the donor or donors designate.
1981 Ed., § 31-1533.
1973 Ed., § 31-1733.
This section is referenced in § 38-1202.01.
For temporary amendment of section, see § 301(e) of the Fiscal Year 1996 Budget Support Emergency Act of 1996 (D.C. Act 11-264, April 26, 1996, 43 DCR 2412), and § 201(e) of the Fiscal Year 1996 Budget Support Congressional Review Emergency Act of 1996 (D.C. Act 11-335, August 1, 1996, 43 DCR 4256).