The California Constitution provides that the University of California constitutes a public trust administered by the Regents of the University of California, a corporation in the form of a board, with full powers of organization and government, subject to legislative control only for specified purposes. Existing law creates the University of California, San Francisco, San Joaquin Valley Regional Campus Medical Education Endowment Fund. Upon an appropriation by the Legislature, existing law requires moneys in the endowment fund to be allocated to the University of California to support the annual operating costs for the development, operation, and maintenance of a branch campus of the University of California, San Francisco, School of Medicine in the San Joaquin Valley, and to generate funding through investment earnings for support of medical education in the San Joaquin Valley, as provided. This bill would request the University of California to submit a report to the Legislature, on or before August 31, 2026, on the financial requirements necessary to expand the current University of California, San Francisco and University of California, Merced medical education collaboration, the San Joaquin Valley PRIME+ program, and to transition the program into a fully independent medical school operated by the University of California, Merced. The bill would request the report to include the projected costs associated with various program components, a list of potential health facilities at which students could conduct residencies, and a timeline and milestones for the completion of an independent school of medicine at the University of California, Merced.