West Virginia Code 5B-2-16 – Entrepreneurship and Innovation Investment Fund
(a) The Entrepreneurship and Innovation Investment Fund is hereby created. The fund shall be administered by the Department of Economic Development and shall consist of all moneys made available for the purposes and from the sources set forth in this section of the code.
Terms Used In West Virginia Code 5B-2-16
- Department: means the Department of Economic Development. See West Virginia Code 5B-2-1
- 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 and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
(b) The fund consists of moneys received from the following sources:
(1) All appropriations provided by the Legislature;
(2) Any moneys available from external sources; and
(3) All interest and other income earned from investment of moneys in the fund.
(c) The Department of Economic Development shall use moneys in the fund to support entrepreneurship, creation of business startups, improvements in workforce participation, and attracting individuals to relocate to West Virginia.
(d) Any balance, including accrued interest and any other returns, in the Entrepreneurship and Innovation Investment Fund at the end of each fiscal year may not expire to the General Revenue Fund but remain in the fund and be expended for the purposes provided by this section.
(e) Fund balances may be invested with the state‘s Consolidated Investment Fund. Earnings on the investments shall be used solely for the purposes defined in §5B-2-16(c) of this code.