SB 825
Permitting higher education institutions enter agreements with non-profit organizations for economic development and job creation
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill allows West Virginia’s public colleges and universities to enter into agreements with specific non-profit organizations. These agreements are intended to support economic development and job creation initiatives. The bill defines key terms related to these agreements and outlines the roles and responsibilities of both the higher education institution and the non-profit corporation involved. It also establishes that these non-profits must be exempt under section 501(c) of the Internal Revenue Code.
Key provisions
- Allows state colleges and universities to enter agreements with non-profit organizations.
- These agreements are specifically for economic development and job creation.
- Non-profit organizations must be exempt under section 501(c) of the Internal Revenue Code.
- The non-profit will be designated as the ‘economic development entity’ for the higher education institution.
- Corporate directors and employees of the non-profit must also hold positions on the governing boards of the institution.
- The bill modifies existing code sections to accommodate these new agreements.
- Exempts the non-profit from certain requirements related to research agreements.
Who is affected
- State Higher Education Institutions
- Non-profit Organizations
- Economic Development Agencies
- Students
- West Virginia Citizens
Notable changes
- Creates a new section (18B-12-11) specifically addressing agreements for economic development.
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