This audit report presents results of a review of the Florida Eminent Scholar and Major Gift Challenge Grant Programs. In four chapters the report: (1) reviews the purpose, scope, and background of the programs; (2) looks at program successes, fees, and expenditures, noting that the programs have raised $219 million in private donations to support 707 major gift endowments and 148 eminent scholar chairs; (3) compares Florida's programs to those in other states and finds that not only do fewer than half have similar challenge grant programs but that Florida's program provides more funds; and (4) lists policy options that call for eliminating or reducing funding, raising endowments needed for chairs, and/or providing funding incentives for universities that have few endowments. Among recommendations offered are establishing an appropriate range of administrative fees for managing endowment funds and reviewing fees charged by foundations. Appended to the report is a response by the chancellor of the state university system. Fourteen tables summarize the data. (CH)