GCC Endowment Fund

There is hereby created, separate and apart from other funds of the government of Guam, a fund known as the ‘GCC Endowment Fund.’ The GCC Endowment Fund shall not be commingled with the General Fund and shall be kept in a separate bank account and administered by the Guam Community College. The GCC Endowment Fund may be invested or reinvested by the GCC Board of Trustees in bonds or in securities that are approved for the Retirement Fund, or according to modern investment practices of similar funds. The appropriations from the GCC Endowment Fund shall be limited to fifty percent (50%) of the initial deposit from the proceeds of the sale for the first five

(5)years. Thereafter, expenditures shall be limited to ninety percent COL4/6/2022 CH. 22 GENERAL FISCAL POLICIES AND CONTROLS (90%) of the earnings of the Fund. The proceeds from the investments shall remain within the GCC Endowment Fund. All monies deposited into the GCC Endowment Fund shall be expended exclusively for enhancement of learning resources and technology, and for the purpose of funding capital improvement projects expenditures at GCC, including, but not limited to, the following:

(a)purchase of computer equipment, books, subscriptions, periodical materials and other library supplies and materials;

(b)training;

(c)management of library materials and resources; and

(d)capital improvement projects. GCC shall determine the allocation of this appropriation in compliance with this Section.