House Bill No. 324 Summary

• Appropriates $788,800 to the Endowment Fund Investment Board for fiscal year 2022 (July 1, 2021 – June 30, 2022), consisting of $607,900 for personnel costs, $178,900 for operating expenditures, and $2,000 for capital outlay.

• Authorizes the Endowment Fund Investment Board to maintain no more than 4.00 full-time equivalent positions during the fiscal year, unless specifically authorized by the Governor.

• Grants continuous appropriation authority for consulting fees, custodial fees, investment manager fees, and other portfolio-related external costs for the fiscal year.

• Requires the Endowment Fund Investment Board to transfer $88,076,500 from various earnings reserve funds to corresponding income funds, including $54,798,000 from Public School Earnings Reserve Fund, $6,179,000 from Charitable Institutions Earnings Reserve Fund, and transfers from six other institutional reserve funds.