Michigan Laws 408.155 – Going pro talent fund; creation; deposit of money or other assets; administration; expenditures
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Terms Used In Michigan Laws 408.155
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Department: means the department of talent and economic development. See Michigan Laws 408.153
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fund: means the Going pro talent fund created in section 5. See Michigan Laws 408.153
- Program: means the Going pro talent program created in section 7. See Michigan Laws 408.153
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) The Going pro talent fund is created within the state treasury.
(2) The state treasurer may receive money or other assets from any source for deposit into the fund. The state treasurer shall direct the investment of the fund. The state treasurer shall credit to the fund interest and earnings from fund investments.
(3) Money in the fund at the close of the fiscal year shall remain in the fund and shall not lapse to the general fund.
(4) The department is the administrator of the fund for auditing purposes.
(5) The department shall expend money from the fund, upon appropriation, only for 1 or more of the following purposes:
(a) The payment of awards to awardees.
(b) The administration of the program.