3152 - Purpose; powers; duties.
§ 3152. Purpose; powers; duties. 1. Purpose. The foundation is created to fulfill the public purposes of furthering job creation and economic growth and advances in the fields of science, technology and innovation and to facilitate the commercialization of scientific or other innovations in New York state. The foundation is authorized and directed to prepare a strategic plan and provide for the implementation of programs to: (a) work with the academic institutions in the state to encourage research in cutting-edge scientific fields and develop a statewide intellectual property policy to assure that innovations resulting from academic research are commercialized in New York state; (b) develop new or improved methods of production to assist the state's industries; (c) facilitate job growth and business expansion throughout New York state; and (d) coordinate economic and technology development efforts with regional partnerships, businesses, not-for-profit organizations, academic and research institutions, community colleges, and regional and state governments, in order to enhance the strengths and assets of each of the various regions of New York state. 2. Powers. The foundation shall have power: (a) to sue and be sued; (b) to have a seal and alter the same at its pleasure; (c) to acquire, hold and dispose of personal property for its corporate purposes; (d) to enter into contracts with the state, political subdivisions or any agency or instrumentality thereof, or any person, firm or corporation; (e) to accept gifts, funds, property or services from public or private sources in furtherance of its corporate purposes; (f) to adopt, amend and repeal by-laws for the management and regulation of its affairs; (g) to do any and all other things necessary or convenient to carry out its purposes and effectively implement the provisions of this title; and (h) to contract with qualified entities for the purpose of providing advisory services regarding the availability of venture capital on a regional basis, analysis of venture capital investment opportunities, and other technical assistance to ensure the availability of venture capital in each region of the state. 3. Duties. The foundation shall have all of the following duties: (a) to adopt by-laws, guidelines and regulations as it deems necessary to oversee the programs as defined in this title, provided however that such by-laws, guidelines and regulations shall not restrict the duties of the partnerships as specified in subdivision six of section thirty-one hundred fifty-four of this title; (b) to contract and to execute instruments necessary or convenient for the conducting of its business; (c) to accept funds from all available sources; (d) to encourage and coordinate programs and investments which advance the competitiveness of New York businesses in the global economy through the promotion of technology, innovation and commercialization throughout the state's regions; (e) to develop policies and implement programs which promote an entrepreneurial business environment, advance new technologies, and encourage the development of an innovative and competitive work force; (f) to certify and re-certify up to ten regional partnerships as regional partnerships pursuant to subdivision four of section thirty-one hundred fifty-four of this title; (g) to establish regulations and guidelines that shall apply to the implementation of foundation funds, which give priority to cluster-based initiatives, including all rules and regulations related to the disbursement of such funds identified in section thirty-one hundred fifty-four of this title; (h) to require and certify that any return on the partnerships' investments, after meeting all terms and conditions of any grants,awards or loans, shall be reinvested by the partnerships for the purposes outlined in section thirty-one hundred fifty-four of this title; (i) to coordinate and advance statewide and regional initiatives to market state businesses, and research activities related to economic development and opportunities at academic and research institutions and community-based and economic development initiatives within the state and at the national and international level; (j) to assist efforts to identify and pursue funding opportunities from the federal government and other sources and coordinate with regional partnerships to provide funding to leverage such grants and awards; (k) to conduct an annual comprehensive accounting of all partnership programs involving foundation funds, including all funding and lending activity and oversee and regulate all partnerships' assets and liabilities; (l) to establish and require audits, disclosures and other review procedures for all activities funded by the foundation; and (m) on or before February first, two thousand seven, and on an annual basis thereafter, prepare a report on the performance, effectiveness and economic impact of the regional partnerships, and evaluate each partnership's performance based on the performance of the duties set forth in subdivision six of section thirty-one hundred fifty-four of this title, including but not limited to a partnership's success in funding innovative companies in New York, creating jobs, developing a regional economic development strategy and marketing and promoting the regional economy. Such report shall be submitted to the governor, the temporary president of the senate and the speaker of the assembly; and (n) to establish an annual report that assesses the quality, effectiveness, cost and benefit of all programs to advance scientific and technological research, development and commercialization that are funded by the state of New York or its agencies, foundations and authorities. In furtherance of this purpose the board shall have the following powers and duties: (1) to develop or select analytical tools and methods to assess such elements as the achievement of goals and objectives, the quality of research conducted by award recipients, the level of technology diffusion and commercialization resulting from state assistance, the economic benefits realized by award recipients, the impact on employment, gross state product, taxes, revenues, and business creation and expansion in New York state, the economic benefit to regions of the state, and non-economic benefits such as improvements in public health and safety or in the natural or built environment; (2) to request and receive from state agencies and authorities and from grant recipients relevant information and documentation, except for information protected by nondisclosure agreements, necessary for such report; (3) to quantify new private-sector firms and private-sector changes in jobs, sales and exports resulting, directly or indirectly, from research and development funded by the state; and (4) to identify the development or expansion of high-technology industry clusters in proximity to research centers and programs funded by the state.