Section 388.1836j - Postsecondary scholarship fund(1) The postsecondary scholarship fund is created in the department of treasury for the purpose of providing scholarship awards to eligible students who attend eligible postsecondary educational institutions in this state, as provided in subsection (5).(2) The state treasurer may receive money or other assets from any source for deposit into the postsecondary scholarship fund. The state treasurer shall direct the investment of the postsecondary scholarship fund. The state treasurer shall credit to the postsecondary scholarship fund interest and earnings from postsecondary scholarship fund investments.(3) Money in the postsecondary scholarship fund at the close of the fiscal year must remain in the postsecondary scholarship fund and not lapse to the general fund.(4) The department of treasury shall be the administrator of the postsecondary scholarship fund for auditing purposes.(5) Money must be expended from the postsecondary scholarship fund only for the purpose of providing Michigan achievement scholarship awards to eligible students who attend eligible postsecondary educational institutions in this state and for other purposes described in this section. Not more than $10,000,000.00 may be used by the department of lifelong education, advancement, and potential annually for the purposes of outreach and marketing programs as specified in section 248.(6) For the fiscal year ending September 30, 2025, $300,000,000.00 of ongoing funding and $30,000,000.00 of 1-time funding is deposited into the postsecondary scholarship fund from the state general fund/general purpose money.(7) It is the intent of the legislature that the postsecondary scholarship fund serves as the primary funding source of the Michigan achievement scholarship. To ensure the Michigan achievement scholarship provides ongoing supports for students, it is the intent of the legislature to increase annual deposits into the postsecondary scholarship fund until the fully implemented costs of the Michigan achievement scholarship are deposited annually into the postsecondary scholarship fund.(8) In addition to the appropriations in section 236, if the amount of general fund allocated in section 236(7) is not sufficient to fully fund the awards under section 236(7), there is appropriated from the postsecondary scholarship fund the amount necessary to fully fund those awards. The state budget director shall provide written notification to the house and senate appropriations subcommittee on higher education and the house and senate fiscal agencies prior to any additional appropriation described in this subsection.Amended by 2024, Act 120,s 151, eff. 10/1/2024.Amended by 2023, Act 103,s 199, eff. 10/1/2023.Amended by 2022, Act 212,s 8, eff. 10/1/2022.Added by 2022, Act 144,s 159, eff. 10/1/2022.