(1) There is hereby established within the university of northern Colorado the education innovation institute, referred to in this section as the "institute". The university shall administer the institute.

(2) The purposes of the institute shall include, but not be limited to:

(a) Collaborating with institutions to leverage research, funding, expertise, and other resources;

(b) Discovering and studying innovations in teaching and learning;

(c) Creating, piloting, and advocating for innovations in educational delivery methods;

(d) Producing data and analyses concerning issues including, but not limited to, the following:

(I) Existing or nascent problems in education;

(II) Models of innovative educational solutions; and

(III) Financing and governance models for educational settings;

(e) Providing public policy makers with data and analyses concerning:

(I) Educational program effectiveness; and

(II) Innovative options for public and private educational settings;

(f) Identifying innovative uses of existing school facilities in the state for the purpose of collaboration between elementary, secondary, and higher education institutions; and

(g) Identifying key issues and setting research priorities in consultation with education experts, business and community leaders, and public officials.

(3) (a) The general assembly may appropriate moneys to the board of trustees of the university of northern Colorado for the administration of the institute.

(b) The board of trustees of the university may solicit and accept gifts, grants, and donations from public and private sources to fund the institute.

(4) Notwithstanding section 24-1-136 (11)(a)(I), on or before January 10, 2011, and on or before January 10 each year thereafter, the institute shall prepare and submit a report to the education committees of the house of representatives and the senate, or any successor committees, concerning the activities of the institute in the previous calendar year. The report shall include, at a minimum, information concerning the efforts of the institute to fulfill its purposes as described in subsection (2) of this section.