Private donations to a research endowment shall be considered a qualified donation if: the donation or pledge is expressly or specifically restricted by the donor for one or more of the eligible uses under § 6–614 of this subtitle; except as provided in item (ii) of this item, the individual donation or pledge is a minimum of $500,000 or is bundled with other qualified donations to meet the $500,000 threshold; or for an individual donation or pledge made to a research endowment of a nonprofit institution of higher education that has an annual unrestricted current funds budget of less than $250,000,000, the individual donation or pledge is a minimum of $200,000 or is bundled with other qualified donations to meet the $200,000 threshold; and the nonprofit institution of higher education accepts the donation from individuals, partnerships, associations, public or private for–profit and nonprofit corporations, or nongovernmental foundations. Notwithstanding subsection (a) of this section, a nonprofit institution of higher education may designate unrestricted gifts or bequests, or a portion of an unrestricted gift or bequest, for use as a qualified donation. A qualified donation excludes: any donation received by a nonprofit institution of higher education prior to October 1, 2014; educational or general fees, auxiliary fees, or other student fees generated by the institution; proceeds from promissory notes, bonds, loans, or other instruments evidencing an indebtedness or any other obligation of repayment by the governing body of a nonprofit institution of higher education to the maker of the instrument; or any other funds received from the State or federal government. The president of each nonprofit institution of higher education or the president’s designee shall make the initial determination of whether a donation constitutes a qualified donation. The president of the nonprofit institution of higher education shall provide a report to the governing body of the institution at least once each fiscal year regarding the amount of qualified donations the institution has received.