[§304A-2253]  Research and training
revolving fund.  (a)  There is established a University of Hawaii research
and training revolving fund into which shall be deposited one hundred per cent
of the total amount of indirect overhead revenues generated by the university
from research and training programs.  The board of regents is authorized to
expend one hundred per cent of the revenues deposited in the fund for:



(1)  Research and training purposes that may result in
additional research and training grants and contracts;



(2)  Facilitating research and training at the
university; and



(3)  Further deposit into the discoveries and
inventions revolving fund and the University of Hawaii housing assistance
revolving fund.



(b)  The annual report required to be made for
this revolving fund shall include but not be limited to a breakdown of travel
expenses.



(c)  Notwithstanding sections 304A-107,
[304A-2254], and [304A-2258] to the contrary, the board of regents or its
designee, may establish a separate account within the research and training
revolving fund for the purpose of providing advance funding to meet
reimbursable costs incurred in connection with federally financed research and
training projects.  Any reimbursement received as a result of providing advance
funding shall be deposited into the research and training revolving fund to be
used for the purpose of meeting reimbursable costs incurred in connection with
federally financed projects.



(d)  Revenues deposited into the fund shall not
be used as a basis for reducing any current or future budget request or
allotment to the university unless the university requests such a reduction. [L
2006, c 75, pt of §2]