1. The Knowledge Account is hereby created in the State General Fund.
2. The interest and income earned on:
(a) Money in the Knowledge Account, after deducting any applicable charges; and
(b) Unexpended appropriations made to the Account from the State General Fund,
must be credited to the Knowledge Account.
3. Any money in the Knowledge Account and any unexpended appropriations made to the Account from the State General Fund remaining at the end of a fiscal year do not revert to the State General Fund, and the balance in the Knowledge Account must be carried forward to the next fiscal year.
4. The Executive Director:
(a) Shall administer the Knowledge Account in a manner that is consistent with the State Plan for Economic Development developed by the Executive Director pursuant to subsection 2 of NRS 231.053;
(b) May apply for and accept any gift, grant, donation, bequest or other source of money for deposit in the Knowledge Account; and
(c) Subject to any restrictions imposed by such a grant, gift, donation or appropriation, may allocate money in the Knowledge Account among the research universities, the Desert Research Institute, the technology outreach program established pursuant to NRS 231.1596 and the technology transfer offices of the research universities and the Desert Research Institute to support commercialization and technology transfer to the private sector.
(Added to NRS by 2011, 3437; A 2013, 2751)