Bill Sponsor
California Assembly Bill 2357
Session 20232024
University of California: school of medicine: University of California Kern County Medical Education Endowment Fund.
Became Law
Became Law
Became Law on Sep 29, 2024
First Action
Feb 12, 2024
Latest Action
Sep 29, 2024
Origin Chamber
Assembly
Type
Bill
Bill Number
2357
State
California
Session
20232024
Sponsorship by Party
Democrat
Author
Assembly Votes (4)
Senate Votes (4)
Summary
The California Constitution provides that the University of California constitutes a public trust administered by the Regents of the University of California, a corporation in the form of a board, with full powers of organization and government, subject to legislative control only for specified purposes. Existing law creates the University of California, San Francisco, San Joaquin Valley Regional Campus Medical Education Endowment Fund. Upon appropriation by the Legislature, existing law requires moneys in the endowment fund to be allocated to the University of California to support the annual operating costs for the development, operation, and maintenance of a branch campus of the University of California, San Francisco, School of Medicine in the San Joaquin Valley. Existing law also requires, upon appropriation by the Legislature and a determination by the Controller of sufficient funds in the endowment fund, moneys in the fund to be used to cover the University of California's estimated costs of applying for and obtaining approval and accreditation from the Liaison Committee on Medical Education, as provided. Existing law requires moneys in the endowment fund to initially be invested with the goal of achieving capital appreciation to create a balance of $500,000,000 to generate ongoing earnings to cover the estimated annual operating costs associated with the development, operation, and maintenance of the branch campus, and, upon the determination of the Controller that the endowment fund balance is $500,000,000, requires moneys in the endowment fund to be invested to generate earnings to fund annual operating costs associated with the development, operation, and maintenance of the branch campus. This bill would establish the University of California Kern County Medical Education Endowment Fund. Upon appropriation by the Legislature, the bill would require moneys in the endowment fund to be allocated to the University of California to support the annual operating costs for the development, operation, and maintenance of a branch campus of an existing University of California School of Medicine in the County of Kern, and to conduct a feasibility study related to that campus. The bill would similarly require moneys in the endowment fund to initially be invested with the goal of achieving capital appreciation to create a balance sufficient to generate ongoing earnings to cover the estimated annual operating costs of a branch campus, as provided, and, upon the determination by the Controller that a sufficient balance is achieved and maintained in the endowment fund, would subsequently require moneys in the endowment fund to be invested to generate earnings to fund annual operating costs associated with the development, operation, and maintenance of a branch campus, as provided. The bill would similarly require moneys in the endowment fund to be used, upon appropriation by the Legislature and a determination by the Controller of sufficient funds in the endowment fund, to cover the University of California's estimated costs of applying for and obtaining approval and accreditation from the Liaison Committee on Medical Education, as provided.
Sources
Record Created
Feb 13, 2024 12:18:10 PM
Record Updated
Oct 19, 2024 12:30:39 PM