PRIME Act

To direct the Secretary of Education to award grants to institutions of higher education with an endowment lower than $900,000,000 and an annual operating revenue for athletic programs that is less than $20,000,000 to strengthen existing sports and athletic facilities at such institutions, and for other purposes. 1. Short title This Act may be cited as the Performance, Resources, Inclusion, Matters, for Equity Act PRIME Act 2. Grant program authorized (a) In general From the amounts appropriated to carry out this Act, the Secretary of Education shall award grants, on a competitive basis, to covered institutions to assist the institutions in developing, maintaining, or enhancing facilities, equipment, or infrastructure for any athletic program offered by the institutions. (b) Minimum grant amount The amount of any grant awarded under this Act shall be not less than $250,000. (c) Application To be eligible to receive a grant under this Act, a covered institution shall submit an application to the Secretary at such time, in such manner, and containing such information as the Secretary may require. (d) Uses of funds A covered institution receiving a grant under this Act may use such grant to— (1) develop, maintain, or enhance any facility, equipment, or infrastructure (including stadiums, gyms, or fields) for any athletic program offered by the institution; or (2) purchase and maintain materials, sporting equipment, and uniforms needed to conduct or produce a live sporting event in accordance with the most recent guidelines issued by the National Collegiate Athletic Association, the National Association of Intercollegiate Athletics, or the Central Intercollegiate Athletic Association. (e) Definitions In this Act: (1) Annual operating revenue The term annual operating revenue for athletic programs (2) Covered institution The term covered institution (A) with an endowment fund that is less than $900,000,000; and (B) that has an athletic program, and an annual operating revenue for athletic programs that is less than $20,000,000. (3) Endowment fund The term endowment fund 20 U.S.C. 1058 (4) Institution of higher education The term institution of higher education 20 U.S.C. 1001

Summary: Performance, Resources, Inclusion, Matters, for Equity Act or the PRIME ActThis bill requires the Department of Education to award competitive grants to covered institutions for athletic programs and facilities. Covered institution refers to an institution of higher education with an endowment fund that is less than $900,000,000 and that has an athletic program with an annual operating revenue&nbsp;that is less than $20,000,000.Grant recipients may use these funds to (1) develop, maintain, or enhance any facility, equipment, or infrastructure (e.g., stadiums, gyms, or fields) for any athletic program offered by the institution; or (2) purchase and maintain materials, sporting equipment, and uniforms needed to conduct or produce a live sporting event in accordance with the most recent guidelines issued by the National Collegiate Athletic Association, the National Association of Intercollegiate Athletics, or the Central Intercollegiate Athletic Association. &nbsp;