(a) For the purposes of this section, “administrator” means Connecticut Innovations, Incorporated in its capacity as administrator of the CTNext Fund established pursuant to this section.

(b) There is established a CTNext Fund, to be held, administered, invested and disbursed by the administrator. The fund shall contain any moneys required or permitted by law to be deposited in the fund and any moneys received from any public or private contributions, gifts, grants, donations, bequests or devises to the fund. Any balance remaining in the fund shall be carried forward in the fund for the fiscal year next succeeding.

(c) Any return on investment attributable to the investment of the fund by the administrator shall be deposited and held for the use and benefit of the fund. Moneys in or received for the fund may be deposited with and invested by any institution as may be designated by the administrator at its sole discretion and paid as the administrator shall direct. The administrator may make payments from deposit accounts for use in accordance with the provisions of this section.

(d) The CTNext Fund shall not be deemed an account within the General Fund and shall be used exclusively for the purposes provided in this section.

(e) The CTNext Fund shall be used (1) to provide grants-in-aid to innovation entities, as defined in § 32-39j, pursuant to § 32-39m, (2) to provide planning grants-in-aid to entities pursuant to § 32-39l, (3) to initiate projects or provide grants-in-aid to projects that network innovation places pursuant to § 32-39m, (4) for the purposes enumerated in sections 32-39f and 32-39g, (5) for providing higher education entrepreneurship grants-in-aid pursuant to § 32-39g, (6) to provide growth grants-in-aid pursuant to § 32-39g, (7) to provide a grant-in-aid for a program evaluation pursuant to § 32-39q, (8) to provide grants-in-aid to start-up businesses pursuant to § 32-39u, and (9) for any other purposes expressly provided by law.

(f) All expenditures from the CTNext Fund shall be approved by the CTNext board of directors. Any such approval shall be specific to an individual expenditure to be made or for budgeted expenditures with such variations as the CTNext board of directors may authorize at the time of such budget approval.

(g) Connecticut Innovations, Incorporated shall provide any necessary staff, office space, office systems and administrative support for the administration of the CTNext Fund in accordance with this section. In acting as administrator of the fund, the administrator shall have and may exercise all of the powers of Connecticut Innovations, Incorporated set forth in § 32-39, provided expenditures from the fund shall be approved by the CTNext board of directors pursuant to subsection (f) of this section.

(h) Beginning January 1, 2017, the administrator shall prepare for each fiscal year a plan of operations and an operating and capital budget for the CTNext Fund. Not later than ninety days prior to the start of the fiscal year, the administrator shall submit the plan and budget to the CTNext board of directors for its review and approval.

(i) Not later than April 15, 2017, and annually thereafter, the administrator shall provide a report of the activities of the CTNext Fund to the CTNext board of directors for its review and approval. Upon its approval of such report, the CTNext board of directors shall provide such report, in accordance with the provisions of § 11-4a, to the joint standing committees of the General Assembly having cognizance of matters relating to commerce and finance, revenue and bonding. Such report shall contain available information on the status and progress of the operations and funding of the CTNext Fund and the types, amounts and recipients of grants awarded.