A school may establish an early postsecondary course fund to receive donations or grants from individuals or from private corporations, associations, or other artificial entities, both nonprofit and for profit, who desire to help support an early postsecondary course offered or attempted to be established by the school. Moneys in the fund must be used solely for academic enhancement in support of the program for which the fund was created. The principal of each school establishing a fund shall appoint a committee which shall be responsible for the determination of the use of funds for the program for which the fund was created.