Bill Text: MS SB2603 | 2026 | Regular Session | Introduced

Mississippi Senate Bill 2603

Introduced

Bill Title: HBCU Equity Fund; create.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2026-02-03 - Died In Committee [SB2603 Detail]

Download: Mississippi-2026-SB2603-Introduced.html

MISSISSIPPI LEGISLATURE

2026 Regular Session

To: Universities and Colleges; Appropriations

By: Senator(s) Mumford

Senate Bill 2603

AN ACT TO CREATE THE HBCU EQUITY FUND TO ELIMINATE DOCUMENTED EQUITY GAPS IN OPERATING FUNDING, ADDRESS DEFERRED MAINTENANCE AND CAPITAL NEEDS, AND SUPPORT ACADEMIC PROGRAMS, RESEARCH CAPACITY AND STUDENT SERVICES; TO PROVIDE FOR DISTRIBUTION OF FUNDS; TO REQUIRE THE BOARD OF TRUSTEES OF STATE INSTITUTIONS OF HIGHER LEARNING TO CONDUCT A BIENNIAL FACILITIES ASSESSMENT OF ALL PUBLIC HBCS AND DISBURSE MONIES ACCORDINGLY; TO PROVIDE FOR COMPETITIVE GRANTS; TO PROVIDE APPROPRIATE SOURCES OF MONIES FOR THE FUND; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. (1) There is created in the State Treasury a special fund to be designated as the "HBCU Equity Fund." The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Subject to appropriation by the Legislature, monies in the fund shall be disbursed by the Board of Trustees of State Institutions of Higher Learning only to eliminate documented equity gaps in operating funding, address deferred maintenance and capital needs, and support academic programs, research capacity and student services. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited into such fund.

(2) Funds deposited into the HBCU Equity Fund shall supplement and not supplant existing appropriations.

(3) For the purposes of this act, "HBCUs" refers to Alcorn State University, Jackson State University and Mississippi Valley State University.

(4) Beginning in Fiscal Year 2027, the Legislature shall appropriate funds sufficient to ensure that per-student operating support for public HBCUs is no less than the average per-student support provided to non-HBCU public universities. The board shall annually calculate and certify:

(a) Per student operating funding levels for all public institutions; and

(b) Any remaining equity gaps.

(5) (a) To effectuate the purposes of this act, the board, in coordination with each HBCU, shall conduct a biennial facilities assessment of each HBCU. Priority funding shall be provided for:

(i) Deferred maintenance;

(ii) Classroom and laboratory modernization;

(iii) Student housing and campus safety improvements; and

(iv) Infrastructure necessary for accreditation and competitiveness.

(b) Capital funding shall be appropriated to eliminate identified disparities within a ten-year equity plan.

(6) (a) The HBCU Equity Fund may provide competitive grants for:

(i) Retention and graduation initiatives;

(ii) High-demand workforce programs;

(iii) Teacher, healthcare, engineering and technology pipelines; and

(iv) Graduate and professional program expansion.

(b) Grant criteria shall emphasize workforce needs and economic impact.

(7) The HBCU Equity Fund may consist of legislative appropriations, bond proceeds authorized by law, federal funds and grants and private gifts and philanthropic partnerships.

SECTION 2. This act shall take effect and be in force from and after July 1, 2026.