(a) Notwithstanding any law to the contrary, grants, revenues, and funds of any nature received by the trustees for research, workshops, conferences, institutes, and special projects from the state, federal government, local government, or private persons, may be transmitted to the Treasurer and, if transmitted, shall be deposited in the California State University Special Projects Fund, which is hereby established in the State Treasury.

(b) All grants, revenues, and funds deposited in the California State University Special Projects Fund are appropriated without regard to fiscal year to the trustees for the operation, support, and development of research, workshops, conferences, institutes, and special projects in the California State University.

(c) Provision shall be made by the trustees for reimbursements to the General Fund for the cost of space and services furnished to projects funded by the California State University Special Projects Fund.

(d) Notwithstanding any law to the contrary, the trustees shall have authority to establish the rules and procedures under which the fund shall operate. All expenditures shall be made in accordance with the rules and procedures, without prior approval of the Department of General Services or the Department of Finance. Expenditures from the fund shall be audited as frequently as the Audits Division of the Department of Finance deems appropriate.

(e) Moneys in the California State University Special Projects Fund may be invested by the Treasurer or by the chief fiscal officer of a campus of the California State University, upon approval of the trustees, only in eligible securities listed in Section 16430 of the Government Code, or, in accordance with Section 89726, in mutual funds subject to registration by, and under the regulatory authority of, the United States Securities and Exchange Commission or in United States registered real estate investment trusts. All interest or other earnings received pursuant to those investments shall be collected by the Treasurer, and shall be deposited in the fund.

(Amended by Stats. 2016, Ch. 282, Sec. 2. (SB 1412) Effective January 1, 2017.)