JACKSON, Miss. (AP) – College Board trustees are rejecting an effort to impose further rules on university foundations.
The board voted Thursday against the proposal, which had been sought by trustee Alan Perry of Jackson.
Perry’s proposal would have required separately incorporated university foundations to notify the board whenever they acquired land or built something intended for a university’s use. Trustees would have been required to approve any purchase that cost a foundation more than 20 percent of its yearly income.
The proposal was a reaction to a $3 million land purchase by Jackson State University’s foundation for a dormitory project. Trustees didn’t know about the purchase and later quashed the project.
University foundations fought the proposal for months, saying it was unnecessary and infringed on their independence.