HI HB315

Removes the $3,000,000 annual expenditure cap on the University of Hawaii System's spending from the University of Hawaii tuition and fees special fund for the University of Hawaii Foundation.

Authorizes the board of regents to spend funds from the special fund for promoting alumni relations and generating private donations without a monetary limit.

Requires the university to submit a comprehensive report to the legislature at least 20 days before each regular session detailing all fund expenditures and activities.

Mandates the report include identification of supported departments, descriptions of fundraising activities, expenditure breakdowns, fund transfers, and financial summaries of the University of Hawaii Foundation operations.

Takes effect upon approval.