Trusts

(1) Following review of an Agency request under 810 CMR 2.06(2)(k), the Board may vote to authorize a Trust Fund to be established by the State Treasurer to receive 50% of the proceeds accruing to an Agency from an Approved Project. The administrator in charge of the proposing Agency shall serve as the sole trustee of any such Trust Fund and shall utilize the Trust Fund for administration of the Approved Project and to otherwise advance the purposes of the Agency. All expenditures from the Trust Fund shall require the authorization of such administrator and the approval of the Secretary of Administration and Finance and shall conform to standard state accounting procedures and to such further requirements as may be prescribed from time to time by the comptroller. Each Agency which administers a Trust Fund hereunder shall report annually to the House and Senate Committees on Ways and Means, within 90 days after the end of each Fiscal Year, as to the amount of funds received in and expenditures made from any Trust Fund during the Fiscal Year.