Title: Historically Black Colleges and Universities Matching Endowment Scholarship Program

Summary: Establishing the Historically Black Colleges and Universities Matching Endowment Scholarship Program within the Department of Education; providing for funding of the program; requiring that historically black colleges or universities provide a certain amount of matching funds by a specified date as a condition of participation in the program, etc.

Full Text:
An act relating to the Historically Black Colleges and Universities Matching Endowment Scholarship Program; creating s. 1009.895, F.S.; establishing the Historically Black Colleges and Universities Matching Endowment Scholarship Program within the Department of Education; providing for funding of the program; providing the purpose of the program; requiring that historically black colleges or universities provide a certain amount of matching funds by a specified date as a condition of participation in the program; requiring that certain funds remain in the trust fund; providing that any interest accruing to the funds be used to provide scholarships to certain students; providing for annual disbursement of the interest; requiring the State Board of Education and the Board of Governors to adopt rules and regulations, respectively; providing for an appropriation; providing an effective date. Be It Enacted by the Legislature of the State of Florida: Section 1. Section 1009.895, Florida Statutes, is created to read: 1009.895   Historically Black Colleges and Universities Matching Endowment Scholarship Program.  (1)   There is established the Historically Black Colleges and Universities Matching Endowment Scholarship Program to be administered by the Department of Education, to be funded by the Historically Black Colleges and Universities Matching Endowment Scholarship Trust Fund, established under s. 20.151. (2) The program shall provide funds to participating historically black colleges and universities in this state to provide scholarships to enrolled students. No later than June 30, 2020, each historically black college and university in the state which intends to participate in the program shall provide $500,000 in matching funds for funds received through the program. (3) Funds transferred to the Historically Black Colleges and Universities Matching Endowment Scholarship Trust Fund must be invested in accordance with chapter 215. Notwithstanding s. 216.301 and pursuant to s. 216.351, the appropriated funds and all matching funds shall remain in the trust fund, and only the interest from such funds may be used for scholarships for students enrolled at participating colleges and universities. (4)   Annually, the department shall allocate the interest accumulated in the Historically Black Colleges and Universities Matching Endowment Scholarship Trust Fund during the previous calendar year equally among the participating colleges and universities to award scholarships. Each participating college and university shall award such scholarships to enrolled students with unmet financial need, as it determines such need. (5)   The State Board of Education shall adopt rules, and the Board of Governors shall adopt regulations, to administer this section. Section 2.  For the 2019-2020 fiscal year, the sum of $ million i nnonrecurring funds is appropriated from the General Revenue Fund to the Department of Education for the purpose of funding the Historically Black Colleges and Universities Matching Endowment Scholarship Trust Fund. Section 3. This act shall take effect July 1, 2019.