2. Interest earned on the investment of the Endowment Incentive Fund must be credited to the respective publicly assisted postsecondary institution or its qualified institutionally related foundation.

3. For the administration of the Endowment Incentive Fund, "academic purposes" is defined as scholarships, professorships or other endowed faculty positions, the repair of classrooms and laboratories and the acquisition of equipment for classrooms and laboratories.

4. The respective board of trustees for each publicly assisted postsecondary institution shall adopt criteria establishing qualifications for private gifts and grants to be matched from the Endowment Incentive Fund; and for each campus within the University of Maine System, the board of visitors shall advise their respective campus president on the qualifications that are to be included in the final recommendations to the board of trustees.

5. Qualified recipients of private donations eligible for matching funds are the respective institutions of the 3 publicly assisted postsecondary institutions, as well as institutionally related foundations; and qualified institutionally related foundations have the authority to receive and manage the investment of matching funds, and may, at their discretion, deposit funds allocated to them. Unless otherwise restricted by the donors, qualified recipients may also combine, merge or pool these funds with similar funds at the system level.

6. Matching funds must be made available to the 3 entities on a percentage basis according to the amount appropriated from the General Fund.

7. The Board of Trustees of the University of Maine System shall ensure that the Endowment Incentive Fund distributed to the University of Maine System is allocated to each of the universities in the system in accordance with the formula that the board adopts for the distribution of education and general funds.