National Foundation for Excellence Act

National Foundation for Excellence Act - Establishes the National Foundation for Excellence as an independent establishment of the executive branch.

Authorizes the Foundation to award scholarships for undergraduate and graduate study for outstanding students committed to careers in teaching in public education.

Sets forth scholarship conditions, including reporting requirements and student agreements to teach in a public elementary or secondary school for a certain period of years based on the total amount of scholarship awarded.

Sets forth scholarship repayment requirements (with deferral and forgiveness provisions) for those who do not fulfill such teaching commitments or who otherwise do not comply with the provisions of this Act.

Authorizes the Foundation to make grants to States to pay the Federal share (50 percent) of scholarship programs conducted by the States in accordance with this Act.

Establishes in the Treasury the National Foundation for Excellence Trust Fund, consisting of appropriations under this Act and amounts raised from non-Federal sources by the Foundation, invested in interest-bearing obligations of the United States or obligations guaranteed as to both principal and interest by the United States.

Directs the Board to make an annual report of its operations to the Congress by April 1 of each year.

Authorizes appropriations to the Foundation for each of FY 1992 through 1997 for operating and administrative expenses with remaining monies left in the Fund. Authorizes appropriations to the Fund for the period of FY 1993 through 1997, but only in an amount each fiscal year equal to that raised by the Foundation from non-Federal sources.