The university of northern Colorado is authorized to grant degrees and diplomas to the students who have completed the full course of instruction in said university and who have been recommended for such diplomas by the faculty of said university. Any such diploma, when signed by the president of said university, the commissioner of education, and the president and secretary of the board of trustees for the university of northern Colorado, shall be evidence that the receiver thereof is a graduate of said university and is entitled to all the honors and privileges of a graduate.
Source: L. 75: Entire section added, p. 212, � 32, effective July 16.
23-40-106. Education innovation institute established - purposes - appropriations - report. (1) There is hereby established within the university of northern Colorado the education innovation institute, referred to in this section as the institute. The university shall administer the institute.
(2) The purposes of the institute shall include, but not be limited to:
(a) Collaborating with institutions to leverage research, funding, expertise, and other resources;
(b) Discovering and studying innovations in teaching and learning;
(c) Creating, piloting, and advocating for innovations in educational delivery methods;
(d) Producing data and analyses concerning issues including, but not limited to, the following:
(I) Existing or nascent problems in education;
(II) Models of innovative educational solutions; and
(III) Financing and governance models for educational settings;
(e) Providing public policy makers with data and analyses concerning:
(I) Educational program effectiveness; and
(II) Innovative options for public and private educational settings;
(f) Identifying innovative uses of existing school facilities in the state for the purpose of collaboration between elementary, secondary, and higher education institutions; and
(g) Identifying key issues and setting research priorities in consultation with education experts, business and community leaders, and public officials.
(3) (a) The general assembly may appropriate moneys to the board of trustees of the university of northern Colorado for the administration of the institute.
(b) The board of trustees of the university may solicit and accept gifts, grants, and donations from public and private sources to fund the institute.
(4) Notwithstanding section 24-1-136 (11)(a)(I), on or before January 10, 2011, and on or before January 10 each year thereafter, the institute shall prepare and submit a report to the education committees of the house of representatives and the senate, or any successor committees, concerning the activities of the institute in the previous calendar year. The report shall include, at a minimum, information concerning the efforts of the institute to fulfill its purposes as described in subsection (2) of this section.
Source: L. 2009: Entire section added, (SB 09-032), ch. 13, p. 81, � 3, effective August 5. L. 2017: (4) amended, (HB 17-1251), ch. 253, p. 1061, � 14, effective August 9.
Cross references: For the legislative declaration contained in the 2009 act adding this section, see section 1 of chapter 13, Session Laws of Colorado 2009.
23-40-107. Escrow requirement for accreditation of college of osteopathic medicine - cash fund - offset to appropriation - legislative declaration - report - definitions - repeal. (1) The general assembly finds and declares that:
(a) The accreditation body for the college of osteopathic medicine of the university of northern Colorado requires that the university deposit money into an escrow account to be held and released only upon either the:
(I) Failure of the college to complete accreditation; or
(II) Graduation of the first cohort from the college;
(b) Money for the escrow is from a transfer of general fund money to the university in the amount required by the accreditation body;
(c) In connection with the transfer of money from the general fund to satisfy the accreditation body's escrow requirements, there is a temporary reduction in the state's cash reserve set forth in section 24-75-201.1, which is a strategic investment of a small portion of the required statutory reserve in the general fund to reduce costs of the university required for accreditation of the college while ensuring that the state maximizes the benefit of the historic and important levels maintained as reserves in the general fund;
(d) During the period that the money is held in escrow, the transaction of general fund money is a non-exchange transaction with a long-term time component that constitutes deferred outflow of resources by the state and deferred inflow of resources by the university, the principal of which is not recognized as revenue or expense until recognition of the money when it is released from escrow;
(e) If the money, including any earned interest, is released from escrow upon the graduation of the first cohort from the college, the university intends to retain the money and the general assembly intends to reduce all or a portion of the total state appropriation to the university for the fiscal year in which the money is released from escrow, and for subsequent fiscal years as needed, by an equivalent amount; and
(f) The retention by the university of northern Colorado of the money released from escrow is not intended to affect or in any way modify or otherwise impact the higher education funding allocation model established in article 18 of this title 23.
(2) As used in this section, unless the context otherwise requires:
(a) College means the college of osteopathic medicine of the university.
(b) Escrow account means the account established and governed by an escrow agreement that is entered into between an escrow agent, the accrediting body for the college, and the university to receive and hold the escrow money.
(c) Escrow money means the money that is deposited and held in the escrow account and released to the university upon either the failure of the college to complete accreditation or the graduation of the first cohort from the college, including any earned interest or investment income.
(d) Fund means the college of osteopathic medicine escrow money cash fund created in subsection (3)(a) of this section.
(e) University means the university of northern Colorado.
(3) (a) The college of osteopathic medicine escrow money cash fund is created in the state treasury. The fund consists of money transferred to the fund pursuant to subsection (3)(b) of this section.
(b) On or before June 30, 2024, the state treasurer shall transfer forty-one million two hundred fifty thousand dollars from the general fund to the fund.
(c) Money in the fund is continuously appropriated to the university for the purpose of the university depositing the money into the escrow account to satisfy necessary costs in accordance with the accrediting body of the college's rules and regulations for operating reserve and escrow reserve requirements.
(d) This subsection (3) is repealed, effective December 31, 2025.
(4) If the escrow money is released to the university due to failure of the college to complete accreditation, the university shall provide a report to the joint budget committee of the general assembly, the state treasurer, and the office of state planning and budgeting within ten days of the release of the escrow money that sets forth the circumstances for the release of the escrow money and information concerning the use of the escrow money by the university as required by the accreditation body to pay operating and teach out costs of students of the college.
(5) (a) Within ten days of receipt of notice from the accreditation body that the escrow money will be released to the university in accordance with the requirements and conditions of accreditation being met for the graduation of the first cohort of the college, the university shall provide notice of the same to the joint budget committee of the general assembly, the state treasurer, and the office of state planning and budgeting.
(b) For the state fiscal year in which the escrow money will be released to the university for the reason set forth in subsection (5)(a) of this section, the amount to be paid to the university pursuant to the fee-for-service agreement negotiated pursuant to section 23-18-303.5 for that state fiscal year is reduced by the lesser of the amount of the escrow money or the amount of a portion of the escrow money that reduces the amount to be paid pursuant to the fee-for-service agreement to zero, and the university shall use the escrow money, or a portion of it, as applicable, to offset the reduction.
(c) If there is escrow money remaining after the offset required by subsection (5)(b) of this section is made, then money that the university would otherwise receive from the college opportunity fund is reduced by the lesser of the amount of the remaining escrow money or the amount of a portion of the remaining escrow money that reduces the money the university would otherwise receive from the college opportunity fund to zero, and the university shall use the remaining escrow money, or a portion of it, as applicable, to offset the reduction.
(d) If, after the offsets required by subsections (5)(b) and (5)(c) of this section, there remains any excess escrow money, then in the next state fiscal year, the amount to be paid to the university pursuant to the fee-for-service agreement negotiated pursuant to section 23-18-303.5 for that state fiscal year is reduced by the amount of any excess escrow money and the university shall use the remaining escrow money to offset the reduction.
Source: L. 2024: Entire section added, (HB 24-1231), ch. 143, p. 531, � 4, effective May 1.
Cross references: For the legislative declaration in HB 24-1231, see section 1 of chapter 143, Session Laws of Colorado 2024.