regulations implementing that section (as such regu-
lations were in effect at the time the funds are in-
vested). 
(2) NO
BENEFIT
TO
PRIVATE
PERSON.—No 
part of the net earnings of the trust fund established 
under this section shall inure to the benefit of any 
private person. 
(3) USE OF FUNDS TO SECURE LOAN.—Any 
amounts deposited in the trust fund authorized 
under subsection (a) may be used to secure loans 
procured for the purposes of constructing or improv-
ing University facilities. 
(4) 
OTHER
GOVERNING
PROVISIONS.—The 
President of the University shall provide for such 
other provisions governing the trust fund established 
under this section as may be necessary to protect 
the financial interest of the United States and to 
promote the purpose of this Act as agreed to by the 
Secretary of the Treasury and the Board or the des-
ignee of the Board, including record keeping proce-
dures for the expenditure of accumulated interest for 
the trust fund under subsection (a) as will allow the 
Secretary of the Treasury to audit and monitor ac-
tivities under this section. 
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SEC. 21. ESTABLISHMENT OF ENDOWMENT BOARD OF 
TRUSTEES. 
(a) IN GENERAL.—The University shall establish an 
independent Board of Trustees, to be known as the ‘‘En-
dowment Board’’ (referred to in this section as the ‘‘En-
dowment Board’’), dedicated to overseeing the manage-
ment and investment of the endowment funds of the Uni-
versity under section 20. 
(b) APPOINTMENT.—Members of the Endowment 
Board shall be appointed by the Board on an affirmative 
vote of 11 of the 15 members of the Board. 
(c) PURPOSE.—The establishment of the Endowment 
Board is intended to enhance the governance and account-
ability of endowment fund management while maintaining 
clear separation between the roles and responsibilities of 
the Endowment Board and the Board. 
(d) POWERS.—The Endowment Board shall operate 
separately from the Board, subject to the condition that 
the Endowment Board shall work in conjunction with the 
Board to ensure alignment of investment strategies with 
the financial goals and overall mission of the University. 
(e) RESPONSIBILITIES.—The Endowment Board 
shall be responsible for— 
(1) managing and overseeing the investment 
and allocation of the trust fund under section 20; 
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(2) developing and implementing investment 
policies and strategies to optimize the financial per-
formance of the trust fund under that section; and 
(3) reporting regularly to the Board on the per-
formance of the trust fund under that section and 
making recommendations, as appropriate. 
SEC. 22. PROVISION OF FACILITIES. 
(a) MASTER PLAN.— 
(1) IN GENERAL.—The Board shall prepare a 
master plan on the short-term and long-term facili-
ties needs of the University, which shall include eval-
uation of all facets of existing University programs, 
including support activities and programs and facili-
ties. 
(2) REQUIREMENTS.—The master plan pre-
pared under paragraph (1) shall evaluate develop-
ment and construction requirements (based on a 
growth plan approved by the Board), including items 
such as infrastructure and site analysis, development 
of a phased plan with architectural and engineering 
studies, cost projections, landscaping, and related 
studies which cover all facets of the programs and 
planned functions of the University. 
(b) DEADLINE FOR TRANSMITTAL OF INITIAL MAS-
TER PLAN.—Not later than 2 years after the date of en-
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actment of this Act, the Board shall submit to the appro-
priate committees of Congress the master plan prepared 
under subsection (a), which shall include a prioritization 
of needs, as determined by the Board. 
(c) UPDATED MASTER PLANS.—Not later than 2 
years after the date on which the Board submits the initial 
master plan under subsection (b), and not less frequently 
than once every 5 years thereafter, the Board shall pre-
pare and submit to the appropriate committees of Con-
gress an updated master plan in accordance with the re-
quirements described in subsection (a). 
SEC. 23. REPORTS. 
(a) ANNUAL REPORT.—The President of the Univer-
sity shall submit to the appropriate committees of Con-
gress and the Board an annual report describing the sta-
tus of the University during the 1-year period preceding 
the date of the report, which shall include, among other 
matters— 
(1) a detailed statement of all private and pub-
lic funds, gifts, and other items of a monetary value 
received by the University during that period and 
the disposition thereof; and 
(2) any recommendations for improving the 
University. 
(b) BUDGET PROPOSAL.— 
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(1) SUBMISSION.— 
(A) IN
GENERAL.—Not later than 180 
days after the date on which the initial mem-
bers of the Board appointed under section 
8(b)(1)(A)(ii) are confirmed by the Senate, and 
each fiscal year thereafter, the Board shall sub-
mit to Congress a budget proposal. 
(B) INITIAL SUBMISSION TO OMB.—Prior 
to the submission to Congress of a budget pro-
posal under subparagraph (A), the Board shall 
submit the applicable budget proposal to the 
Director of the Office of Management and 
Budget, who shall provide advice and rec-
ommendations on the proposal before returning 
the proposal to the University for submission to 
Congress under that subparagraph. 
(2) REQUIREMENTS.—A budget proposal sub-
mitted under paragraph (1)(A) shall— 
(A) be submitted not later than April 1 of 
each calendar year; and 
(B) propose a budget for the University for 
the 2 fiscal years succeeding the fiscal year dur-
ing which the proposal is submitted. 
(3) NO CONSIDERATION OF FUNDRAISING OR 
BEQUESTS.—In determining the amount of funds to 
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be appropriated to the University on the basis of a 
budget proposal submitted under paragraph (1)(A), 
Congress shall not consider the amount of private 
fundraising or bequests made on behalf of the Uni-
versity during any preceding fiscal year. 
SEC. 24. AUTHORIZATION OF APPROPRIATIONS. 
(a) DISCRETIONARY APPROPRIATIONS.— 
(1) IN GENERAL.—There is authorized to be 
appropriated not less than $27,000,000 for each fis-
cal year to carry out this Act. 
(2) TRUST FUND.— 
(A) INITIAL CONTRIBUTION.—There is au-
thorized to be appropriated $5,000,000 for the 
initial capital contribution of the University to 
the 
trust 
fund 
under 
section 
20(a)(2)(A)(i)(I)(aa) for fiscal year 2026. 
(B) SUCCESSIVE CONTRIBUTIONS.—There 
is authorized to be appropriated not less than 
$5,000,000 to carry out section 20(a)(2)(B). 
(b) AVAILABILITY OF FUNDS.— 
(1) IN GENERAL.—For the purpose of affording 
adequate notice of funding available under this Act, 
amounts appropriated in an appropriation Act for 
any fiscal year to carry out this Act shall— 
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