New Hampshire Trust Fund plans transfer to UNH Foundation for student scholarships

The House Finance Division I of the New Hampshire Legislature convened on March 3, 2025, to discuss key financial matters, particularly focusing on scholarship programs and trust funds. The meeting highlighted the New Hampshire Excellence in Higher Education Trust Fund, which supports two scholarship programs. Officials noted that if funds are not fully utilized, they revert to the trust for future use. The anticipated spending for fiscal year 2026 has already been communicated to colleges and universities, indicating a proactive approach to financial aid packaging for students.

A significant point of discussion was the management of dedicated funds controlled by the Treasury. One notable fund, established in 1905 as a gift from the Japanese government, has grown from an initial $10,000 to approximately $216,000 today. This fund serves as a historical reminder of diplomatic relations and is part of a broader conversation about the management of state funds.

The committee also addressed the Ben Thompson Trust Fund, which is currently under the Treasury's custody. There are ongoing discussions about transferring this trust to the University of New Hampshire Foundation. This transfer would require repealing existing laws that mandate Treasury oversight and working with the Department of Justice to amend the trust's purpose. The goal is to ensure that the University of New Hampshire can manage the funds more effectively, as current payments are deemed insufficient.

Additionally, the Governor's Scholarship Fund was reviewed. Funded by general funds, this program has historically received around $3 million annually. However, eligibility issues have limited the number of students qualifying for the scholarships, prompting a review of the program's structure. Currently, there is approximately $10 million available in unrestricted funds, but the program's design complicates the disbursement of these funds.

The committee discussed the possibility of increasing scholarship amounts to better support eligible students, particularly as college expenses rise. However, the existing eligibility criteria, which require students to be full-time and Pell-eligible, limit access for some. The program's design aims to encourage full-time enrollment, but concerns were raised about its visibility and promotion within schools.

In conclusion, the meeting underscored the importance of reviewing and potentially reforming scholarship programs and trust fund management to better serve New Hampshire students. The committee plans to continue discussions on these topics, with an emphasis on ensuring that funds are effectively utilized and accessible to those in need.