15-1853

15-1853. Funding; federal monies;
postsecondary education fund; report

A. The postsecondary education fund is established consisting of:

1. Monies appropriated by the legislature.

2. Monies received from state agencies and political subdivisions of this state.

3. Monies received from the United States government, including monies received
from the United States department of education pursuant to subsection B of this section.

4. Gifts, grants and donations received from any private source to carry out the
duties and responsibilities of the commission.

B. The commission may receive monies distributed by the United States department of
education for the reimbursement of the costs of performing review requirements. The
costs may include expenses for the supplementation of existing review functions, work
performed by subcontractors or consultants in connection with the review functions of the
commission and any other administrative expenses necessary for compliance with title IV,
part H, subpart one of the higher education amendments of 1992. No more than thirteen per
cent of amounts received by the commission from the United States department of education
may be utilized for administrative purposes by the commission.

C. The commission shall administer the fund in compliance with the requirements of
this article. The commission shall separately account for monies received from each
source listed in subsection A of this section and may establish accounts and subaccounts
of the fund as necessary to carry out the requirements of this subsection.

D. Monies obtained pursuant to subsection A, paragraphs 1 through 3 of this section
are subject to legislative appropriation. The commission shall not use these monies for
purposes other than those designated by special line items for which the monies are
received.

E. Monies obtained pursuant to subsection A, paragraph 4 of this section are
continuously appropriated. These monies shall be used in accordance with the requests of
the donor. If no request is specified, the monies may be used for additional
responsibilities of the commission prescribed in section 15-1851, subsection B and
section 15-1852, subsection B, paragraphs 8 and 9.

F. The commission shall report quarterly to the joint legislative budget committee
on fund deposits and expenditures.