Existing law establishes the Student Aid Commission as the primary state agency for the administration of state-authorized student financial aid programs available to students attending all segments of postsecondary education. Existing law requires, with certain exceptions, every gift or dedication to the state of personal property, or every gift to the state of real property in fee or in any lesser estate or interest, to be approved by the Director of Finance unless the Legislature specifically provides that approval is not required.

This bill would authorize the commission to receive donations, bequests, grants, and philanthropic funding, subject to conditions or restrictions that the executive director of the commission may deem advisable, and subject to the approval of the Director of Finance, as specified in existing law. The bill, beginning January 1, 2024, would require the commission, at the first commission meeting of the calendar year, to publicly report each source, and the amount from each source, of any philanthropic funding received during the calendar year immediately preceding the reporting deadline and the purpose for which that philanthropic funding was used.