2016 Kentucky Revised Statutes CHAPTER 158 - CONDUCT OF SCHOOLS -- SPECIAL PROGRAMS .6485 Governor's School for Entrepreneurs Program -- Entrepreneurship education organization -- Advisory board -- Appropriations -- Accounting practices and program reports -- Restricted use of funds.
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158.6485
Governor's School for Entrepreneurs Program -- Entrepreneurship
education organization -- Advisory board -- Appropriations -- Accounting
practices and program reports -- Restricted use of funds.
(1)
(2)
(3)
(4)
The Governor's School for Entrepreneurs Program is established as a statewide
summer experiential education program for creative and enterprising students to
enhance the next generation of business and economic leaders and enrich future
economic development across the Commonwealth. The Governor's School for
Entrepreneurs Program shall be attached to the Office of the Secretary in the
Education and Workforce Development Cabinet for administrative purposes.
As used in this section, "entrepreneurship education organization" means a not-forprofit organization that has:
(a) Received tax-exempt status from the United States Internal Revenue Service;
(b) Registered with the Office of the Kentucky Secretary of State;
(c) A statewide mission to generate interest and knowledge in entrepreneurship;
and
(d) A history of operating education programs focused on entrepreneurship.
(a) The Governor or the Governor's designee from the executive cabinet, the
commissioner of education, the president of the Council on Postsecondary
Education, and the secretary of the Education and Workforce Development
Cabinet shall serve as ex officio members of an advisory board to the
Governor's School for Entrepreneurs Program. In addition, the Governor shall
appoint five (5) members to the advisory board as provided in paragraph (b) of
this subsection.
(b) By July 31, 2016, the Governor shall appoint five (5) initial members of the
advisory board to serve as follows:
1.
One (1) shall be appointed to serve a three (3) year term;
2.
Two (2) shall be appointed to serve a (2) year term; and
3.
Two (2) shall be appointed to serve a (1) year term.
Members appointed by the Governor may be reappointed by the Governor to serve
successive terms. In making gubernatorial appointments, the Governor shall
consider recommendations and information on business and entrepreneurial
experience provided by a nominating committee of the board and shall attempt to
promote geographic balance on the board. The Governor shall make appointments
to fill gubernatorial vacancies as they occur. Each appointment after the initial
appointment shall be for a three (3) year term unless the appointment is to fill the
unexpired portion of a term.
The Education and Workforce Development Cabinet shall contract with an
entrepreneurship education organization to administer and operate the statewide
Governor's School for Entrepreneurs Program created in this section. The Education
and Workforce Development Cabinet shall approve the contract application criteria,
the process for submission of a contract application, and the structure and type of
evaluation criteria used in the contract application review process.
(5)
(6)
(7)
The annual appropriation for the statewide Governor's School for Entrepreneurs
Program from the general fund shall be transmitted to an entrepreneurship education
organization on July 1 of each year to facilitate the operation of the summer
program. Funds shall be used only for the purposes of the statewide Governor's
School for Entrepreneurs Program and, notwithstanding KRS 45.229, shall not
lapse at the end of the fiscal year.
(a) The entrepreneurship education organization shall follow standard accounting
practices and shall submit the following financial reports to the Office of the
Secretary of the Education and Workforce Development Cabinet, the Finance
and Administration Cabinet, and the Legislative Research Commission:
1.
Quarterly reports of expenditures of state funds for the Governor's
School for Entrepreneurs Program, submitted on or before the thirtieth
day after the end of each quarter in the organization's fiscal year;
2.
Annual reports of receipts and expenditures for the Governor's School
for Entrepreneurs Program, submitted on or before the sixtieth day after
the end of the fiscal year of the organization; and
3.
The report of an annual financial compilation or review conducted by an
independent accounting firm, submitted on or before September 1 of
each year.
(b) On or before March 1 of each year, the entrepreneurship education
organization shall file a report detailing the operations of the Governor's
School for Entrepreneurs Program for the preceding year with the Office of
the Secretary of the Education and Workforce Development Cabinet, the
Finance and Administration Cabinet, and the Legislative Research
Commission. The report shall include information concerning the program,
student and faculty demographics, and program outcomes according to such
measures of success as the advisory board to the statewide Governor's School
for Entrepreneurs Program, in collaboration with the entrepreneurship
education organization, may develop.
(c) Nothing in this section shall prevent the entrepreneurship education
organization from soliciting program support, cooperation, and funds from
private businesses, foundations, industries, and government agencies with an
interest in technological innovations, economic development, and
entrepreneurial education. Funds may be solicited, accepted, received, and
expended from public and private sources for the purpose of implementing
this section.
The entrepreneurship education organization may perform other programs and
initiatives pertaining to its mission so long as all funds appropriated for the
statewide Governor's School for Entrepreneurs Program are restricted solely for the
design, development, and operation of the statewide Governor's School for
Entrepreneurs Program.
Effective: July 15, 2016
History: Created 2016 Ky. Acts ch. 150, sec. 1, effective July 15, 2016.
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