FL H0859

Establishes the Historically Black Colleges and Universities Matching Endowment Scholarship Program within the Department of Education to provide scholarships to students at participating HBCUs.

Legislature appropriates $2 million to the trust fund, with each participating HBCU required to contribute $500,000 in matching funds by June 30, 2019.

All appropriated and matching funds remain in the trust fund with principal preserved; only the accumulated interest is used for scholarships.

Annual interest from the trust fund is equally allocated among participating colleges and universities to award scholarships to enrolled students with unmet financial need.

State Board of Education shall adopt rules to administer the program, effective July 1, 2018.