SB104 Summary

• Establishes the Hawaii Educational Expenditure Trust Fund as a separate fund within the Department of Education to supplement educational funding through state allocations and private contributions.

• Trust fund assets consist of state and county moneys, tax remittances, fee assessments, private contributions, and earned income and capital gains; the superintendent determines which moneys are deposited.

• The superintendent shall invest the trust fund's principal and uninvested income in the state's investment pool to maximize returns while preserving principal; the department may hire investment managers as needed.

• Authorizes the superintendent to expend trust fund moneys for grantmaking, departmental operations, student education, supporting programs, public school facilities, and general public education benefit.

• Upon trust fund termination, any unspent state appropriations revert to the department's school-based budgeting account (EDN100).