(a) The University of California, San Francisco, San Joaquin Valley Regional Campus Medical Education Endowment Fund is hereby established in the State Treasury. Funds received by the University of California or the Controller, for the purposes set forth in subdivision (b), shall be deposited into the University of California, San Francisco, San Joaquin Valley Regional Campus Medical Education Endowment Fund. For purposes of this article, “endowment fund” means the University of California, San Francisco, San Joaquin Valley Regional Campus Medical Education Endowment Fund.

(b) Moneys in the endowment fund shall be allocated to the University of California, upon appropriation by the Legislature, 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, and to generate funding through investment earnings for the support of medical education in the San Joaquin Valley.

(c) (1) Moneys in the endowment fund shall 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 associated with the development, operation, and maintenance of a branch campus of the University of California, San Francisco, School of Medicine in the San Joaquin Valley. The balance of the endowment fund shall not be deemed sufficient until a balance of five hundred million dollars ($500,000,000) is achieved and maintained in the endowment fund.

(2) Upon the determination of the Controller, in consultation with the University of California, that the endowment fund balance has attained the goal established in paragraph (1), moneys in the endowment fund shall be invested to generate earnings to fund annual operating costs associated with the development, operation, and maintenance of a branch campus of the University of California, San Francisco, School of Medicine in the San Joaquin Valley. Moneys shall be invested in a manner that best meets the goals of the endowment fund.

(d) The endowment fund may receive donations and contributions from public and private entities, partnerships between public and private entities, fees, cash advances, and transfers from the General Fund as may be specified by law.

(e) Earnings generated by the endowment fund shall be retained by the endowment fund.

(f) Moneys deposited in the endowment fund are exempt from the requirements of Sections 11270 to 11275, inclusive, of the Government Code.

(Amended by Stats. 2019, Ch. 497, Sec. 100. (AB 991) Effective January 1, 2020.)