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2018 Session

Budget Amendments - SB30 (Floor Approved)

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Excellence and Innovation Fund Technical Changes (language only)

Item 143 #3h

Item 143 #3h

Education: Higher Education
State Council of Higher Education for Virginia

Language

Page 156, strike lines 3 through 9 and insert:

"L.  Out of this appropriation, $225,000 the first year and $225,000 the second year from the general fund is designated to establish and maintain a fund for excellence and innovation. The fund is designed to stimulate collaboration  among institutions of higher education, contributing business and industry partners, and, where appropriate, public school divisions, on initiatives that enhance quality and performance and lead to measurable cost savings, including business process improvements, acquisition of technology, course redesign, distance learning, development of affordable student pathways and shared services. Grants will be awarded on a competitive basis, with eligibility criteria determined by the State Council of Higher Education for Virginia.  Priority will be given to grant requests that leverage contributions by business and industry partners and that make provision for reimbursement of the grant funds over time through economies resulting in whole or in part from the grants.  The State Council of Higher Education for Virginia shall establish an advisory committee, to include representatives of institutions of higher education, representatives from business and industry and other potential partners, to assist in the development of eligibility criteria, recruitment of contributing partners, and administration of the fund. Any moneys remaining in the fund at the end of each fiscal year shall not revert to the general fund but shall remain in the fund. Any grants reimbursed or other moneys contributed to the Fund are hereby reappropriated to the Fund."



Explanation

(The amendment makes technical changes to the program language. It identifies additional purposes of the Fund, promotes collaboration with business and industry, gives priority to grant requests that leverage contributions by business and industry partners and that make provision for reimbursement of the Fund over time through economies resulting from the grant awards, and provides for moneys in the Fund to be non-reverting and for reimbursed grant moneys and partner contributions to be reappropriated.)