The OhioCorps fund is hereby created in the state treasury, to consist of such amounts designated for the purposes of the fund by the general assembly, the federal government, or other sources. The fund shall be used for the following purposes:

(A) To assist eligible state institutions of higher education to establish and administer an OhioCorps mentorship program under section 3333.80 of the Revised Code, including providing stipends for participating student mentors;

(B) Funding scholarships awarded under section 3333.801 of the Revised Code.

The fund may also be used by the chancellor of higher education to implement and administer the OhioCorps pilot program.