OH HB550

Creates the Frances Lewandowski Memorial Medical Research Fund administered by the Chancellor of the Ohio Board of Regents to provide grants to eligible medical school programs at state institutions for research on terminal, chronic, or currently incurable diseases.

Establishes the Medical University Research Reserve Fund to receive and hold any unawarded funds from the Frances Lewandowski Memorial Medical Research Fund at the end of each fiscal year for use in awarding grants in subsequent years.

Requires the Chancellor to create a board within 90 days to solicit, accept, and review grant applications, with the board beginning to accept applications and award grants no later than 180 days after the bill's effective date.

Mandates the General Assembly appropriate annually an amount equal to at least 0.1% of the prior fiscal year's total General Revenue Fund appropriations for the grant program.

Directs the Director of Budget and Management to transfer 0.1% of fiscal year 2014 General Revenue Fund appropriations to the Frances Lewandowski Memorial Medical Research Fund on July 1, 2014, with such funds hereby appropriated.