(1) Funds appropriated for the Student Diversity Scholarship Program Act for the benefit of students at the University of Nebraska and students attending any community colleges who are enrolled in an associate degree program with the intention of transferring to the University of Nebraska shall be used, administered, and invested in such manner as the Board of Regents of the University of Nebraska, in consultation with the board of governors of each participating community college, shall determine.

(2) Funds appropriated for the Student Diversity Scholarship Program Act for the benefit of students at the state colleges and students attending any community colleges who are enrolled in an associate degree program with the intention of transferring to a state college shall be used, administered, and invested in such manner as the Board of Trustees of the Nebraska State Colleges, in consultation with the board of governors of each participating community college, shall determine.