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Maryland Code, Labor and Employment § 11-1603

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) There is a Talent Innovation Fund in the Department.

(b) The purpose of the Fund is to support the Program.

(c) The Secretary shall administer the Fund.

(d)(1) The Fund is a special, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.

(2) The Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.

(e) The Fund consists of:

(1) money appropriated in the State budget to the Fund;

(2) grants and donations to the Fund;

(3) interest earnings of the Fund; and

(4) any money from any other source accepted for the benefit of the Fund.

(f) The Department may use the Fund to:

(1) provide grants:

(i) to entities, including employers, institutions of higher education, tax exempt organizations, public agencies, local workforce development boards, and registered apprenticeship sponsors, and residents of the State; and

(ii) for costs including support services, subsidized wages, grantees' administrative costs, and training;

(2) provide matching funds to secure donations or grants to the Fund;

(3) provide funding for the Program and other talent finance mechanisms approved by the Division and the Board; and

(4) pay expenses for administrative, actuarial, legal, and technical services for the Program.

(g)(1) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.

(2) Any interest earnings of the Fund shall be credited to the Fund.

(h) Expenditures from the Fund may be made only in accordance with the State budget.

(i) Money expended from the Fund for talent innovation fund programs is supplemental to and is not intended to take the place of funding that otherwise would be appropriated for workforce development programs.

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Cite this article: FindLaw.com - Maryland Code, Labor and Employment § 11-1603 - last updated January 01, 2025 | https://codes.findlaw.com/md/labor-and-employment/md-code-labor-and-emply-sect-11-1603/

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