(1) The general assembly shall annually appropriate money to the department of higher education for the institute to pay the direct and indirect costs that the executive board incurs in operating the institute, including costs relating to the host institution and stipends for the institute faculty members.
(2) (a) In addition to the amount appropriated pursuant to subsection (1) of this section, the executive board, with the assistance of an advisory board if appointed, may solicit, accept, and expend public or private gifts, grants, or donations to implement the institute. The executive board shall transmit any money that it receives pursuant to this subsection (2)(a) and any money it receives from participating students to the state treasurer. The state treasurer shall deposit the money in the Colorado student leaders institute cash fund, referred to in this section as the "cash fund", which is created in the state treasury. Annual operation of the institute is conditional upon receiving at least forty thousand dollars in gifts, grants, or donations by June 1 of each year.
(b) The money in the cash fund is continuously appropriated to the executive board for the direct and indirect costs incurred in implementing the institute. The state treasurer may invest as provided by law any money in the cash fund that is not expended for the purposes of this article 77. The state treasurer shall credit to the cash fund all interest and income derived from the investment and deposit of money in the cash fund. Any unexpended and unencumbered money remaining in the cash fund at the end of a fiscal year must remain in the cash fund and shall not be credited to another fund; except that the state treasurer shall credit any unexpended and unencumbered money remaining in the fund as of June 30, 2024, to the state education fund created in section 17 (4) of article IX of the state constitution.
Source: L. 2017: Entire article added with relocations, (SB 17-060), ch. 54, p. 172, § 1, effective March 20. L. 2019: (2)(b) amended, (SB 19-137), ch. 152, p. 1805, § 2, effective May 10.
Editor's note: This section is similar to former § 24-44.3-105 as it existed prior to 2017.