KRS § 158.6485 — KY Code / Title XIII / Chapter 158 / Section 158.6485
158.6485 Governor's School for Entrepreneurs Program -- Entrepreneurship education organization -- Advisory board -- Appropriations -- Accounting practices and program reports -- Restricted use of funds
Status: in_force

158.6485 Governor's School for Entrepreneurs Program -- Entrepreneurship

education organization -- Advisory board -- Appropriations -- Accounting

practices and program reports -- Restricted use of funds.

(1) 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 Labor Cabinet for administrative purposes.

(2) As used in this section, "entrepreneurship education organization" means a

not-for-profit 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.

(3) (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 Labor

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.

(4) The Education and Labor 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

Labor 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) 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.

(6) (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 Labor 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 Labor 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.

(7) 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.