WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH) introduced bipartisan legislation to overturn an outdated, biased policy and provide 1890s Land-Grant Universities with the same financial flexibility currently enjoyed by their peers. The Carryover Equity Act would fix a provision that prohibits 1890s Land-Grant Universities – all of which are Historically Black Universities – from carrying over more than 20 percent of their equity from one fiscal year to the next. This arbitrary provision limits the ability of these Universities to use their funds as they see fit and notably diverges from policies that govern other similar Department of Agriculture programs. Brown’s legislation would benefit 19 institutions, including Central State University.
“Land-grant institutions like Central State play an important role in educating students and contributing to Ohio’s agriculture and food science industries,” said Senator Brown. “These universities deserve the flexibility to use their funding in a way that promotes research and encourages continued success for their students. I’m glad to support this bipartisan legislation.”
U.S. Sens. Chris Van Hollen (D-MD), David Perdue (R-GA), Lindsey Graham (R-SC), Ben Cardin (D-MD), Chris Coons (D-DE), Joe Manchin (D-WV), Tim Kaine (D-VA) and Thom Tillis (R-NC) are also sponsoring the legislation.
Text of the bill can be found here.