Committee told HED will publish endowment report and flagged foundations for auditor review

Vice Chair Munoz pressed HED on foundations that manage state-placed endowments, fees charged, and whether foundation spending matched legislative intentions for designated programs. Secretary Stephanie Rodriguez said the department will publish an endowment report this month that includes financial details and that the Legislative Finance Committee's performance evaluation already documented which institutions use foundations and percentages. Rodriguez said HED has referred some items to the State Auditor and will share the report with committee members when finalized.

The conversation followed committee concerns about transparency and whether funds placed in foundations were being used strictly for the purposes lawmakers intended. Rodriguez acknowledged privacy and donor-nexus issues but said the department would work through them to provide the requested information.

Sources: Vice Chair Munoz; Stephanie Rodriguez.