§ 16-59-9.1 - Incentive fund for excellence – Challenge fund for management and administration improvement – Carry-forward provision.
SECTION 16-59-9.1
§ 16-59-9.1 Incentive fund for excellence– Challenge fund for management and administration improvement –Carry-forward provision. – (a) The general assembly shall annually appropriate any sums as may benecessary to create and maintain an "incentive fund for excellence", whichshall be used by the board of governors to fund program initiatives to improvethe quality of the undergraduate education offered by the institutions ofpublic higher education.
(b) The general assembly shall annually appropriate any sumsas may be necessary to create and maintain a "challenge fund for management andadministration improvement" to be administered by the board of governors. Theboard shall award grants to the institutions of public higher education on acompetitive basis upon presentation of proposals designed to effect projectedadministrative savings of an amount equal to or more than the amount of thegrant requested.
(c) Any amounts remaining at the end of any fiscal year inthe funds established under subsection (a) or (b), or any amounts allocated tothe institutions under these sections, may be carried forward to the nextfiscal year.
(d) The board of governors shall annually report to thegeneral assembly concerning the amounts and specific purposes and theeffectiveness of all allocations made from the funds established in subsections(a) and (b).