Mississippi trustees reject rule on university foundations

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.