(1) All endowments, gifts, and bequests made to any state institution of higher education, and the income therefrom, shall belong to and be used only by such institution and shall be subject to state audit. In appropriating state funds to such institution of higher education, neither principal nor interest of such gifts shall be used to reduce such appropriation, and both principal and interest shall be in addition to any funds appropriated for such institution.
(2) Nothing in subsection (1) of this section shall be construed to commit the state of Colorado to continuing the levels of programs attained as results of such endowments, gifts, and bequests upon their expiration.
(3) (a) On January 30, 1997, and January 30 of each year thereafter, each state institution of higher education shall submit to the governor and general assembly a complete listing, in accordance with generally accepted accounting principles, of all endowments, gifts, and bequests made to or expenditures in excess of two hundred fifty dollars made on behalf of said state institution of higher education during the immediately preceding state fiscal year.
(b) Repealed.
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