164.038 Kentucky public university research consortiums -- Endowed research
692 words·~3 min read·
/ky/164-038A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
fund -- Administration by Council on Postsecondary Education -- Application
process.
(a)There is hereby created an endowment fund as defined in KRS 273.600 called
the endowed research fund to be administered by the council for the purposes
of funding the work of research consortiums selected by the council in
accordance with subsection
(2)of this section.
(b)The endowed research fund shall contain moneys received from the general
fund, federal funds, and any other proceeds from contributions, gifts, or grants
made available for the purposes of the fund.
(c)Moneys deposited in the endowed research fund are hereby appropriated for
the purposes under this section.
(d)All moneys in the endowed research fund shall be endowed in accordance
with KRS 273.600 to 273.645.
(e)Notwithstanding KRS 45.229, moneys in the endowed research fund at the
close of a fiscal year shall not lapse but shall be carried forward to the next
fiscal year. Any interest earnings of the fund shall be transferred quarterly on
a pro rata basis to the five
(5)consortium accounts created in paragraph
(g)of
this subsection.
(f)Notwithstanding KRS 42.500, moneys in the endowed research fund shall be
invested in accordance with endowment management best practices.
(g)The endowed research fund shall contain five
(5)consortium accounts. Each
consortium account shall be reserved for funding the research consortium
assigned to the account by the council in accordance with subsection
(2)of
this section. Each consortium account shall contain interest earnings from the
endowed research fund transferred quarterly under paragraph
(e)of this
subsection by the council, federal funds, and any other proceeds from
contributions, gifts, or grants made available for the purposes of the account.
(2)The council shall solicit, accept, and review joint funding applications submitted by
two
(2)or more Kentucky public universities to receive funding from a consortium
account. Each joint funding application shall be reviewed using criteria established
by the council in accordance with subsection
(6)of this section. The council shall
select five
(5)high-quality research consortiums to receive funding from a
consortium account. Each research consortium selected by the council shall be
assigned to a unique consortium account within the fund for a term of five
(5)years.
(3)Moneys in the five
(5)consortium accounts shall constitute seed money for the
research consortium assigned to the account by the council to perform initial
research and to prepare proposals to seek grant money from public and private
sources in larger funding amounts.
(4)Prior to the expiration of a research consortium's term of eligibility under
subsection
(2)of this section to receive funding from a consortium account, the
council shall review the performance of the research consortium to determine
whether:
(a)The term of eligibility of the research consortium should be renewed for up to
five
(5)additional years; or
(b)The research consortium's eligibility to receive funding from the endowed
research fund should be terminated.
(5)The council shall maintain a research consortium assigned to each of the five
accounts within the endowed research fund. If a research consortium's eligibility to
receive funding from the endowed research fund is terminated, the council shall
solicit, accept, and review joint funding applications to fill the vacancy in
accordance with subsection
(2)of this section.
(6)The council shall promulgate administrative regulations in accordance with this
subsection and KRS Chapter 13A to administer this section. The administrative
regulations shall include metrics to evaluate joint funding applications submitted by
two
(2)or more Kentucky public universities in accordance with subsection
(2)of
this section. The metrics shall include but not be limited to the research
consortium's:
(a)Impact upon human quality of life advancements, prioritizing innovations that
advance medicine, health, or economic development; and
(b)1. Additional funding sources for seed money to perform initial research
and to prepare proposals to seek grant money from public and private
sources in larger funding amounts; and
2. Anticipated future funding sources and amounts.
(7)The council may expend up to four percent (4%) of all interest earnings of the
endowed research fund on the costs of managing and administering the endowed
research fund.