(a) There is established a lapsing fund to be designated as the Higher Education Licensure Commission Site Evaluation Fund (“Fund”), which shall be a segregated account within the General Fund of the District of Columbia, administered by the Office of the State Superintendent of Education, and used for the purposes set forth in subsection (b) of this section.
(b) The Fund shall be used only to cover costs associated with the Higher Education Licensure Commission (“Commission”)’s review of institutions for licensing purposes under § 38-1306.
(c) All revenues collected by the Commission for evaluations and observations done pursuant to § 38-1306 shall be deposited into the Fund. All funds deposited into the Fund shall be used for the purposes set forth in subsection (b) of this section. Any unexpended funds in the Fund at the end of a fiscal year shall revert to the unrestricted fund balance of the General Fund of the District of Columbia.