FL S0456

Establishes the Historically Black Colleges and Universities Matching Endowment Scholarship Program within the Department of Education, funded through a dedicated trust fund

Requires each participating HBCU to provide $500,000 in matching funds by June 30, 2020, as a condition of participation

Appropriated funds and matching contributions must remain in the trust fund, with only the interest earned used to provide scholarships to enrolled students with unmet financial need

Interest accumulated in the trust fund is distributed equally among participating institutions annually, with each college or university determining student eligibility based on financial need

Appropriates $2 million in nonrecurring General Revenue funds for the 2019-2020 fiscal year to initially fund the trust fund