§ 3475 Purpose.
From time to time individuals, corporations and businesses desire to assist Delaware students in pursuing higher education by establishing or contributing to scholarship funds. This endowment fund is established to encourage and focus such giving.
§ 3476 Fund.
The Office may receive, hold, invest, reinvest and use funds in the form of grants or gifts from private corporations, trusts, individuals, organizations, groups and other sources to support Delaware residents in postsecondary education programs.
(1) To qualify as tax deductible donations, contributions to the Fund must be made without restriction or precondition.
(2) The Office shall ensure that contributors of qualifying donations receive such documentation as may be necessary to support tax deduction of gifts to the Fund.
(3) The Office may establish such rules and regulations as it deems necessary for administration of this subchapter.
(4) The Office shall hold the Fund in an interest-bearing account, or may invest and reinvest funds to advance the purposes of this subchapter.
(5) Awards from the Fund must be based on student financial need, but may include other criteria as may be established by the Office.