246.31  Institutional Assessment Trust Fund.--

(1)  There is created an Institutional Assessment Trust Fund to be administered by the Department of Education pursuant to this section and rules of the State Board of Education. The trust fund shall consist of all fees and fines imposed upon nonpublic colleges and schools pursuant to this chapter, including all fees collected from nonpublic colleges for participation in the common course designation and numbering system. The department shall maintain separate revenue accounts for the State Board of Independent Colleges and Universities; the State Board of Nonpublic Career Education; and the Department of Education.

(2)  Funds from the trust fund shall be used for purposes including, but not limited to, the following:

(a)  Authorized expenses of the respective boards in carrying out their required duties.

(b)  Financial assistance programs for students who attend nonpublic institutions licensed by the board.

(c)  Educational programs for the benefit of current and prospective owners, administrators, agents, authorized groups of individuals, and faculty of institutions receiving a license, a certificate of exemption, or an authorization by the board.

(d)  Authorized expenses of the Department of Education incurred as a result of the inclusion of nonpublic colleges in the common course designation and numbering system.

(3)  The board may utilize other individuals or entities to administer the programs authorized in subsection (2).

History.--ss. 23, 47, ch. 89-344; s. 78, ch. 91-105; s. 4, ch. 91-429; s. 13, ch. 92-321; s. 13, ch. 98-309; s. 25, ch. 98-421.