Section 24-75-1401 - Indirect costs excess recovery fund - creation - departmental accounts - use of fund - definitions(1) As used in this section, unless the context otherwise requires: (a) "Indirect costs" means the indirect cost assessment line items in the annual general appropriation act that represent expected collections of statewide and departmental indirect costs from cash-funded, reappropriated-funded, or federal-funded programs for the purpose of paying departmental or statewide overhead costs as allocated to those programs in the annual general appropriation act.(b) "State agency" or "agency" means any board, bureau, commission, department, institution, division, section, or officer of the state except those within the department of higher education designation in the annual general appropriation act.(2) The indirect costs excess recovery fund is created in the state treasury. A separate account for each principal department of state government other than the department of higher education is created within the fund. Before the close of the state's accounting system each fiscal year, the state treasurer shall credit all moneys collected by a state agency for indirect costs for the fiscal year in excess of the actual amount expended during the fiscal year to the account for the department that includes the agency. The state treasurer shall credit all interest and income earned on the deposit and investment of moneys in any account of the fund to the account.(3)(a) Each account of the indirect costs excess recovery fund is subject to annual appropriation for indirect costs by its corresponding department for the sole purpose of paying any indirect costs incurred by agencies within the department during a fiscal year that exceed their actual indirect cost collections for the fiscal year.(3.5) On June 30, 2020, the state treasurer shall transfer eight million three hundred eighty-one thousand seven hundred fifty-three dollars from the indirect cost excess recovery fund to the general fund.(4) No later than November 1, 2013, and no later than each November 1 thereafter, the state controller shall report to the joint budget committee of the general assembly regarding the revenues, expenditures, and balance of each account of the indirect costs excess recovery fund as of June 30 of the prior fiscal year.Amended by 2022 Ch. 123, § 6, eff. 7/1/2022.Amended by 2020 Ch. 171, § 4, eff. 6/29/2020.Added by 2013 Ch. 18, § 1, eff. 3/8/2013.L. 2013: Entire part added, (SB 13-109), ch. 18, p. 45, § 1, effective March 8.Subsection (3)(b)(II) provided for the repeal of subsection (3)(b), effective July 1, 2024. (See L. 2023, p. 776.)