Section 11Sec./Art. 11

Management and Administration of the Higher Education Development Fund. - The Fund shall be administered by the Commission. For sound and judicious management of the Fund, the Commission shall appoint a reputable government financial institution as portfolio manager of the Fund, subject to the following conditions.

As administrator of the Fund, the Commission shall prepare the necessary guidelines for its use, subject to the following conditions:

a. No part of the seed capital of the Fund, including earnings thereof, shall be used to underwrite overhead expenses for administration;

b. Unless otherwise stipulated by the private donor, only earnings of private contributions shall be used for administrative expenses;

c. The Commission shall appoint and organize a separate staff, independent administratively and budgetarily separate from the Commission Secretariat; and

d. The Fund shall be utilized equitably according to regions and programs.