; or (iii) the size of the endowment fund (as defined in section 312(c)) of the institution on the first day of the previous calendar year was not greater than $100,000,000; and (B) grants under the program will be awarded on a competitive basis, and the amount of any such grant will be not less than $600,000, and not more than $1,000,000. (d) Report and testimony to Congress If the Secretary of Education elects to use excess amounts described under subsection (c) the Secretary shall provide to Congress a report on the use of such amounts (and provide testimony on such use) not later than 180 days after making use of such funds. . 303. Education Affordability Trust Fund Part G of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1088 et seq. ) is further amended by adding at the end the following: 494B. Education Affordability Trust Fund (a) Establishment There is established within the Department a trust fund to be known as the Education Affordability Trust Fund (referred to in this section as the Trust Fund ). (b) Board (1) In general The head of the Trust Fund shall be a 6-member Education Affordability Trust Fund Board (referred to in this section as the Board ). (2) Appointment of members The members of the Board shall be appointed by the President, by and with the advice and consent of the Senate, from among individuals who— (A) have experience and expertise in the management of financial investments; (B) have at least 10 years of experience in the financial investment field; (C) at least 3 of which have experience working with rural lenders, historically disenfranchised groups, or low-income communities