A.__Set standards for those types of gifts that qualify for matching;

B.__Establish minimum and maximum amounts for gifts to be matched from the endowment fund; and

C.__Establish any other qualifications determined by the respective boards of trustees to provide the greatest incentive for encouraging private endowment gifts for academic purposes.

4.__Qualified recipients; institutionally related foundations; management of endowment funds.__Qualified recipients of private donations eligible for matching funds are the University of Maine System and each of its universities, the Maine Technical College System and each of its colleges and the Maine Maritime Academy, as well as institutionally related foundations qualified under the Internal Revenue Code, Section 501(c)(3).__Qualified institutionally related foundations may receive and manage the investment of matching funds, and may, at their discretion, hold funds allocated to them.__In the absence of any conditions or restrictions to the contrary made by the donor, qualified recipients of private donations eligible for matching funds may combine, pool or merge these funds with other similar gift and endowment funds.

5.__Matching funds available to postsecondary entities.__Upon determination that the criteria established in subsection 3 have been met, the State Treasurer shall provide that matching funds be available to the 3 entities as follows:

A.__For an appropriated amount of more than $10,000,000:

(1)__University of Maine System 70%

(2)__Maine Technical College System 25%; and

(3)__Maine Maritime Academy 5%; and

B.__For an appropriated amount of $10,000,000 or less:

(1)__University of Maine System 75%;

(2)__Maine Technical College System 20%; and

(3)__Maine Maritime Academy 5%.