Virginia Code 59.1-284.37: Resources for public institutions of higher education
A. To support the needs of a qualified company, and other manufacturers and companies engaged in research and development in and near a qualified county, up to $2,525,000 shall be made available to a comprehensive community college and a baccalaureate public institution of higher education in or near an eligible county. Subject to appropriation, such funds are expected to be available in the Commonwealth’s fiscal years beginning July 1, 2020, through July 1, 2024, as follows:
Terms Used In Virginia Code 59.1-284.37
- 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
- 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.
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
1. $730,000 for the Commonwealth’s fiscal year beginning July 1, 2020;
2. $493,750 for the Commonwealth’s fiscal year beginning July 1, 2021;
3. $493,750 for the Commonwealth’s fiscal year beginning July 1, 2022;
4. $493,750 for the Commonwealth’s fiscal year beginning July 1, 2023; and
5. $313,750 for the Commonwealth’s fiscal year beginning July 1, 2024.
B. Funds awarded pursuant to this section shall be used for (i) enhanced soft-skilled training; (ii) collaboration to ensure an effective workforce development program; (iii) equipment, maintenance, and personnel needs for bioscience training and education; and (iv) increased educational opportunities in science, technology, engineering, and math.
C. Decisions regarding the application and awarding of funds shall be determined annually by the Secretary of Commerce and Trade, upon the recommendation of the President and Chief Executive Officer of VEDP, the Chancellor of the Virginia Community College System or his designee, and the Director of the State Council of Higher Education for Virginia or his designee. Such officials may request from applicant institutions, and base decisions upon, annual reports from such institutions setting forth proposals regarding how such funds would be spent and reviewing how awarded funds have been spent.