HI HB988

Repeals 11 University of Hawaii special funds and accounts that no longer serve their original purposes or do not meet criteria for special funds, including the University of Hawaii community services special fund, Hawaii medical education special fund, discoveries and inventions special fund, and alumni special fund.

Reclassifies the Hawaii educator loan program special fund as a revolving fund to allow unencumbered balances to remain in the fund rather than lapsing to the general fund.

Reclassifies the community colleges special fund as a revolving fund with deposits from tuition, fees, charges, and student-related collections for health, transcripts, library, facilities, childcare, and auxiliary enterprises.

Reclassifies the professional student exchange program special fund as a revolving fund to account for principal, interest repayments, and interest earned on program funds.

Transfers unencumbered balances from repealed funds to their corresponding new revolving funds on July 1, 2015, with remaining balances lapsing to the general fund; abolishes the hurricane Iniki insurance proceeds special fund and unrestricted quasi-endowment income and scholarship revolving fund effective July 1, 2015.