State University Professional and Graduate Degree Excellence Program.

(1) PURPOSE.—The State University Professional and Graduate Degree Excellence Program is established to fund and support the efforts of state universities to enhance the quality and excellence of professional and graduate schools and degree programs in medicine, law, and business and expand the economic impact of state universities.

(2) INVESTMENTS.—Quality improvement efforts may include, but are not limited to, targeted investments in faculty, students, research, infrastructure, and other strategic endeavors to elevate the national and global prominence of state university medicine, law, and graduate-level business programs.

(3) FUNDING AND USE.—Funding for the program shall be as provided by the Legislature. Each state university shall use the funds only for the purpose and investments authorized under this section. These funds may not be used to construct buildings.

(4) ACCOUNTABILITY.—By March 15 of each year, the Board of Governors shall provide to the Governor, the President of the Senate, and the Speaker of the House of Representatives a report summarizing information from the universities in the State University System, including, but not limited to:

(a) Specific expenditure information as it relates to the investments identified in subsection (2).

(b) The impact of those investments in elevating the national and global prominence of the state university medicine, law, and graduate-level business programs, specifically relating to:

1. The first-time pass rate on the United States Medical Licensing Examination;

2. The first-time pass rate on The Florida Bar Examination;

3. The percentage of graduates enrolled or employed at a wage threshold that reflects the added value of a graduate-level business degree;

4. The advancement in the rankings of the state university medicine, law, and graduate-level programs in well-known and highly respected national graduate-level university rankings, including, but not limited to, the U.S. News and World Report rankings, which reflect national preeminence, using the most recent rankings; and

5. The added economic benefit of the universities to the state.