1. Short title This Act may be cited as the Performance, Resources, Inclusion, Matters, for Equity Act or the PRIME Act . 2. Grant program authorized (a) In general From the amounts appropriated to carry out this Act, the Secretary of Education shall award grants, on a competitive basis, to covered institutions to assist the institutions in developing, maintaining, or enhancing facilities, equipment, or infrastructure for any athletic program offered by the institutions. (b) Minimum grant amount The amount of any grant awarded under this Act shall be not less than $250,000. (c) Application To be eligible to receive a grant under this Act, a covered institution shall submit an application to the Secretary at such time, in such manner, and containing such information as the Secretary may require. (d) Uses of funds A covered institution receiving a grant under this Act may use such grant to— (1) develop, maintain, or enhance any facility, equipment, or infrastructure (including stadiums, gyms, or fields) for any athletic program offered by the institution; or (2) purchase and maintain materials, sporting equipment, and uniforms needed to conduct or produce a live sporting event in accordance with the most recent guidelines issued by the National Collegiate Athletic Association, the National Association of Intercollegiate Athletics, or the Central Intercollegiate Athletic Association. (e) Definitions In this Act: (1) Annual operating revenue The term annual operating revenue for athletic programs , when calculated with respect to a covered institution, means the total annual revenue for athletic programs offered by the covered institution, including those funds generated by the institution from ticket sales, student fees, and television receipts for such programs. (2) Covered institution The term covered institution means an institution of higher education— (A) with an endowment fund that is less than $900,000,000