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

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

(2)  Facilitating research and training at theuniversity; and

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

(b)  The annual report required to be made forthis revolving fund shall include but not be limited to a breakdown of travelexpenses.

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

(d)  Revenues deposited into the fund shall notbe used as a basis for reducing any current or future budget request orallotment to the university unless the university requests such a reduction. [L2006, c 75, pt of §2]