- (1) By law, Act No. 85-759, ACHE is required to administer the Alabama Endowment Trust Fund for Eminent Scholars.
- (2) Alabama legislature allocates funds to ACHE for the Endowment Trust Fund for Eminent Scholars.
- (3) Authorized universities requesting challenge grants must submit a current bank/financial statement, which verifies that $600,000 exists in a designated Eminent Scholars account and a letter from the authorized university's president, which verifies that the sources of their contributions are solicited and received from private donors on behalf of the Eminent Scholars program.
- (4) ACHE is responsible for collecting and verifying the qualifying documentation from authorized universities requesting challenge grants, date and time stamping the documentation, assigning a number relating to the order the university will receive a grant on a session schedule, serving a public notice of current session schedules to authorized universities before and after the cut-off date and distributing the grants when funds are available.
- (5) ACHE will only award grants in increments of $400,000. The number of grants available in one year can be calculated by dividing the total sum of funds available by $400,000. Added grants may become available as interest income accumulates and/or additional funds are allocated by Legislature.
Author: Kay Ivey
Statutory Authority: Code of Ala. 1975, §§ 16-61-1, et seq.
History: Filed October 13, 1988.