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<section article="gec" article_name="Economic Development" number="6-618" title_number="6" title_name="Economic Development Tax Incentives" subtitle_number="6" subtitle_name="Maryland E-Nnovation Initiative Program">
  <level label="a">
    <text>Except as provided in § 6–619 of this subtitle, the Authority shall make available no more than 25% of cumulative program funds  from the Fund to a single nonprofit institution of higher education to match qualified donations.</text>
  </level>
  <level label="b">
    <text>A nonprofit institution of higher education seeking a distribution of matching funds from the Fund shall first obtain qualified donations in an amount equal to the amount of matching funds requested for distribution and shall submit a request to the Authority.</text>
  </level>
  <level label="c">
    <text>The request shall include:</text>
    <level label="1">
      <text>the amount requested for distribution to the nonprofit institution of higher education in accordance with subsection (a) of this section;</text>
    </level>
    <level label="2">
      <text>the amount of qualified donations designated for use in requesting the distribution of matching funds from the Fund;</text>
    </level>
    <level label="3">
      <text>an explanation of how the proposed use satisfies the criteria for eligible uses of endowment proceeds under § 6–614 of this subtitle;</text>
    </level>
    <level label="4">
      <text>an explanation of how the proposed use of the endowment proceeds furthers the purposes of this subtitle and addresses the research needs of the institution as identified in the research plan; and</text>
    </level>
    <level label="5">
      <text>a designation of the applicable research endowment into which the requested matching funds are to be deposited.</text>
    </level>
  </level>
  <level label="d">
    <text>The Authority shall review each request for distribution of matching funds from the Fund for compliance with the provisions of this subtitle and Department regulations.</text>
  </level>
  <level label="e">
    <text>If the Authority approves the request of a nonprofit institution of higher education, the Authority shall distribute matching funds to the applicable research endowment in an amount equal to the amount of qualified donations.</text>
  </level>
</section>
