15-1853. Postsecondary education fund; funding; federal monies

A. The postsecondary education fund is established consisting of:

1. Monies appropriated by the legislature.

2. Monies received from state agencies and political subdivisions of this state.

3. Monies received from the United States government, including monies received from the United States department of education pursuant to subsection B of this section.

4. Gifts, grants and donations received from any private source to carry out the duties and responsibilities of the commission.

B. The commission may receive monies distributed by the United States department of education to reimburse the costs of performing review requirements. The costs may include expenses for supplementing existing review functions, work performed by subcontractors or consultants in connection with the review functions of the commission and any other administrative expenses necessary to comply with title IV, part H, subpart one of the higher education amendments of 1992. Not more than thirteen percent of amounts received by the commission from the United States department of education may be used for administrative purposes by the commission.

C. The commission shall administer the fund in compliance with the requirements of this article. The commission shall separately account for monies received from each source listed in subsection A of this section and may establish accounts and subaccounts of the fund as necessary to carry out the requirements of this subsection.

D. Monies obtained pursuant to subsection A, paragraphs 1 through 3 of this section are subject to legislative appropriation. The commission shall not use these monies for purposes other than those designated by special line items for which the monies are received.

E. Monies obtained pursuant to subsection A, paragraph 4 of this section are continuously appropriated. These monies shall be used in accordance with the requests of the donor. If no request is specified, the monies may be used for additional responsibilities of the commission prescribed in section 15-1851, subsection B and section 15-1852, subsection B, paragraphs 6 and 7.