(1) (a) The department is authorized to seek and accept gifts, grants, or donations for the purposes of this article; except that the department may not accept a gift, grant, or donation that is subject to conditions that are inconsistent with this article or any other law of the state. The department shall transmit all moneys received through gifts, grants, or donations to the state treasurer, who shall credit the same to the Colorado teacher of the year fund, which fund is hereby created and referred to in this section as the "fund". The moneys in the fund are continuously appropriated to the department for the direct and indirect costs associated with the implementation of the program.
(a.5) In addition to any moneys credited to the fund pursuant to paragraph (a) of this subsection (1), beginning in the 2014-15 budget year and in each budget year thereafter, the state treasurer shall annually transfer from the state education fund created in section 17 (4) of article IX of the state constitution to the fund twenty-four thousand eight hundred dollars.
(b) Any moneys in the fund not expended for the purpose of this article may be invested by the state treasurer as provided by law. All interest and income derived from the investment and deposit of moneys in the fund shall be credited to the fund.
(c) Any unexpended and unencumbered moneys remaining in the fund at the end of a fiscal year shall remain in the fund and shall not be credited or transferred to the general fund or another fund.
(2) The department may expend up to ten percent of the moneys annually credited to the fund to offset the costs incurred in implementing the program.
(3) The general assembly hereby declares that, for purposes of section 17 of article IX of the state constitution, the Colorado teacher of the year program is an important element in providing performance incentives for teachers and may therefore receive funding from the state education fund created in section 17 (4) of article IX of the state constitution.
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