§3243 Hispanic-serving Agricultural Colleges and Universities

Summary

The Treasury Department must create a Hispanic-Serving Agricultural Colleges and Universities Fund. The Treasury can make agreements to run the fund. Money from Congress and any interest earned go into the fund. The fund must be invested in U.S. interest-bearing securities. The fund’s main amount (the corpus) cannot be spent. On September 30, 2008, and each September 30 after that, the Treasury must withdraw the fund’s income for the year and send it to the Agriculture Department. After paying administration costs, 60% of that income goes to the colleges based on each school’s Hispanic student count, and 40% is split equally among the schools. Starting in fiscal year 2008 and each year after, Congress may provide money to support the fund and related programs. Each year the Agriculture Department is authorized to receive $80,000 for each Hispanic-serving agricultural college and university, and the Treasury must pay $80,000 to each school. The Agriculture Department must also run competitive grant programs. One type of grant helps build college capacity (not for building repairs or new construction) and requires applicants to show need, try other funding sources first, and provide a non‑Federal share. Another program funds research, extension, and training in agriculture, nutrition, food science, bioenergy, and environmental science.