Institutional Assessment Trust Fund.

(1) Chapter 99-32, Laws of Florida, re-created the Institutional Assessment Trust Fund to be administered by the Department of Education pursuant to this section and rules of the State Board of Education. The trust fund shall consist of:

(a) All fees and fines imposed upon nonpublic colleges and schools pursuant to chapter 1005 and this chapter, including all fees collected from nonpublic colleges and schools for participation in the Student Protection Fund pursuant to s. 1005.37.

(b) All fees imposed upon nonpublic colleges and schools for participation in the statewide course numbering system pursuant to s. 1007.24.

(c) All fees collected from institutions for participation in a reciprocity agreement pursuant to s. 1000.35.

The department shall maintain separate accounts for the operation of the Commission for Independent Education, the Student Protection Fund, a reciprocity agreement pursuant to s. 1000.35, and the Department of Education.

(2) Funds from the trust fund shall be used for purposes including, but not limited to, the following:

(a) Authorized expenses of the Commission for Independent Education in carrying out its required duties.

(b) Authorized expenses from the Department of Education account incurred as a result of the inclusion of nonpublic colleges in the statewide course numbering system.

(c) Expenses authorized by the Commission for Independent Education from the Student Protection Fund account to complete the training of students enrolled in an institution that terminates a program or ceases operation while the student is enrolled or to facilitate the retrieval or safekeeping of records from a closed institution.

(d) Expenses authorized by the Department of Education related to a reciprocity agreement.

(3) The Commission for Independent Education may utilize other individuals or entities to administer the programs authorized in subsection (2).