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University of Alaska Fiscal Foundation Act This bill directs the Bureau of Land Management (BLM) to establish a program to identify and convey available federal land in Alaska to the University of Alaska for a land grant to support higher education. The bill also permits the BLM or the Department of Agriculture to acquire by purchase or exchange, with the university's consent, university-owned inholdings within conservation system units. Any land exchanged shall be of equal value. No later than two years after enactment of the bill, Alaska and the university may jointly identify no more than 500,000 acres of land for inclusion in the program, of which not more than 360,000 acres may be conveyed and patented to the university. Upon the request of Alaska and the university, the BLM shall provide technical assistance in the identification of land. If Alaska and the university notify the BLM in writing that Alaska and the university jointly concur with the conveyance of all or a portion of the land identified for conveyance, and that Alaska relinquishes its selection rights to the land covered by the notification, the BLM shall convey the land to the university, to be held in trust for the exclusive use and benefit of the university. The BLM shall notify Congress of the land conveyed and patented.

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