HI HB545

Establishes the University of Hawaii quasi-endowment trust fund to receive income from the university's endowment fund, which may be expended for student financial aid programs, scholarships, and student support services.

Reclassifies the Hawaii educator loan program special fund as a revolving fund and removes restrictions on year-end balance carryover.

Reclassifies the professional student exchange program special fund as a revolving fund to support the program's activities and debt collection.

Repeals eight University of Hawaii funds: the alumni special fund, animal research farm special fund, Senator Hiram L. Fong scholarship program endowment, Senator Oren E. Long scholarship program endowment, career and technical training projects revolving fund, and conference center revolving fund; also repeals the Hawaii health corps revolving fund and two administratively-established funds.

Transfers all unencumbered balances from repealed funds to the general fund effective July 1, 2015.