158.6485 Governor's School for Entrepreneurs Program -- Entrepreneurship
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/ky/158-6485A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
education organization -- Advisory board -- Appropriations -- Accounting
practices and program reports -- Restricted use of funds.
(1)The Governor's School for Entrepreneurs Program is established as a
statewide summer experiential education program for creative and enterprising
students to enhance the next generation of business and economic leaders
and enrich future economic development across the Commonwealth. The
Governor's School for Entrepreneurs Program shall be attached to the Office of
the Secretary in the Education and Labor Cabinet for administrative purposes.
(2)As used in this section, "entrepreneurship education organization" means a
not-for-profit organization that has:
(a)Received tax-exempt status from the United States Internal Revenue
Service;
(b)Registered with the Office of the Kentucky Secretary of State;
(c)A statewide mission to generate interest and knowledge in
entrepreneurship; and
(d)A history of operating education programs focused on entrepreneurship.
(a)The Governor or the Governor's designee from the executive cabinet, the
commissioner of education, the president of the Council on
Postsecondary Education, and the secretary of the Education and Labor
Cabinet shall serve as ex officio members of an advisory board to the
Governor's School for Entrepreneurs Program. In addition, the Governor
shall appoint five
(5)members to the advisory board as provided in
paragraph
(b)of this subsection.
(b)By July 31, 2016, the Governor shall appoint five
(5)initial members of
the advisory board to serve as follows:
1. One
(1)shall be appointed to serve a three
(3)year term;
2. Two
(2)shall be appointed to serve a
(2)year term; and
3. Two
(2)shall be appointed to serve a
(1)year term.
Members appointed by the Governor may be reappointed by the Governor to
serve successive terms. In making gubernatorial appointments, the Governor
shall consider recommendations and information on business and
entrepreneurial experience provided by a nominating committee of the board
and shall attempt to promote geographic balance on the board. The Governor
shall make appointments to fill gubernatorial vacancies as they occur. Each
appointment after the initial appointment shall be for a three
(3)year term
unless the appointment is to fill the unexpired portion of a term.
(4)The Education and Labor Cabinet shall contract with an entrepreneurship
education organization to administer and operate the statewide Governor's
School for Entrepreneurs Program created in this section. The Education and
Labor Cabinet shall approve the contract application criteria, the process for
submission of a contract application, and the structure and type of evaluation
criteria used in the contract application review process.
(5)The annual appropriation for the statewide Governor's School for
Entrepreneurs Program from the general fund shall be transmitted to an
entrepreneurship education organization on July 1 of each year to facilitate the
operation of the summer program. Funds shall be used only for the purposes of
the statewide Governor's School for Entrepreneurs Program and,
notwithstanding KRS 45.229, shall not lapse at the end of the fiscal year.
(a)The entrepreneurship education organization shall follow standard
accounting practices and shall submit the following financial reports to the
Office of the Secretary of the Education and Labor Cabinet, the Finance
and Administration Cabinet, and the Legislative Research Commission:
1. Quarterly reports of expenditures of state funds for the Governor's
School for Entrepreneurs Program, submitted on or before the
thirtieth day after the end of each quarter in the organization's fiscal
year;
2. Annual reports of receipts and expenditures for the Governor's
School for Entrepreneurs Program, submitted on or before the
sixtieth day after the end of the fiscal year of the organization; and
3. The report of an annual financial compilation or review conducted by
an independent accounting firm, submitted on or before September
1 of each year.
(b)On or before March 1 of each year, the entrepreneurship education
organization shall file a report detailing the operations of the Governor's
School for Entrepreneurs Program for the preceding year with the Office
of the Secretary of the Education and Labor Cabinet, the Finance and
Administration Cabinet, and the Legislative Research Commission. The
report shall include information concerning the program, student and
faculty demographics, and program outcomes according to such
measures of success as the advisory board to the statewide Governor's
School for Entrepreneurs Program, in collaboration with the
entrepreneurship education organization, may develop.
(c)Nothing in this section shall prevent the entrepreneurship education
organization from soliciting program support, cooperation, and funds from
private businesses, foundations, industries, and government agencies
with an interest in technological innovations, economic development, and
entrepreneurial education. Funds may be solicited, accepted, received,
and expended from public and private sources for the purpose of
implementing this section.
(7)The entrepreneurship education organization may perform other programs and
initiatives pertaining to its mission so long as all funds appropriated for the
statewide Governor's School for Entrepreneurs Program are restricted solely
for the design, development, and operation of the statewide Governor's School
for Entrepreneurs Program.