The American Indian scholarship endowment fund is created in the custody of the state treasurer. The investment of the endowment fund shall be managed by the state investment board.

     (1) Moneys received from the higher education coordinating board, private donations, state matching moneys, and funds received from any other source may be deposited into the endowment fund. Private moneys received as a gift subject to conditions may be deposited into the fund.

     (2) At the request of the higher education coordinating board, the state investment board shall release earnings from the endowment fund to the state treasurer. The state treasurer shall then release those funds at the request of the higher education coordinating board for scholarships. No appropriation is required for expenditures from the endowment fund.

     (3) When notified by the higher education coordinating board that a condition attached to a gift of private moneys in the fund has failed, the state investment board shall release those moneys to the higher education coordinating board. The higher education coordinating board shall then release the moneys to the donors according to the terms of the conditional gift.

     (4) The principal of the endowment fund shall not be invaded. The release of moneys under subsection (3) of this section shall not constitute an invasion of corpus.

     (5) The earnings on the fund shall be used solely for the purposes set forth in RCW 28B.108.040, except when the terms of a conditional gift of private moneys in the fund require that a portion of earnings on such moneys be reinvested in the fund.

[2007 c 73 § 2; 1993 c 372 § 1; 1991 sp.s. c 13 § 110; 1990 c 287 § 7.]

NOTES:

     Effective dates -- Severability -- 1991 sp.s. c 13: See notes following RCW 18.08.240.