4. ADMINISTRATION AND INVESTMENT OF FUNDS HELD BY PRIVATE SUPPORT ORGANIZATION
4.1 Funds and property received directly by a private support organization from a donor are not subject to control by the Board of Regents until such organization relinquishes control of the funds to the Board. Gifts of funds or property to the System, a System Component, or an activity of a Component from a private support organization may be accepted under the same conditions as a gift from any other donor.
4.2 No gift funds or property received by the System or a Component may be remitted to a private support organization unless such transfer of funds is approved in writing by the donor and the Board of Regents. In such cases, the private support organization shall manage the funds or property in accordance with instructions given by the donor and the Board of Regents.
4.3 The trustees of private support organizations will provide the Board, through the Component President or Chancellor (in the case of a system organization), an annual report.