Minnesota Regenerative Medicine Act
HF3172, passed on May 16, 2014; signed by Governor Dayton on May 20, 2014
Sec. 4. BOARD OF REGENTS OF THE UNIVERSITY OF MINNESOTA
Subdivision 1. Total Appropriation
Subd. 2. Health Sciences Special
(a) This appropriation is from the general fund for the direct and indirect expenses of the collaborative partnership between the University of Minnesota and the Mayo Clinic for regenerative medicine research, clinical translation, and commercialization. In addition to representatives from the University of Minnesota and the Mayo Clinic, the collaborative partnership must include representatives of private industry and others with expertise in regenerative medicine research, clinical translation, commercialization, and medical venture financing who are not affiliated with either the University of Minnesota or the Mayo Clinic.
(b) By January 15 of each odd-numbered year beginning in 2017, the partnership must submit an independent financial audit to the chairs and ranking minority members of the committees of the house of representatives and senate having jurisdiction over higher education and economic development. The audit must include the names of all recipients of grants awarded by the partnership and their affiliation, if any, with the University of Minnesota or the Mayo Clinic.
(c) The full amount of this appropriation is for the partnership and may not be used by the University of Minnesota for administrative or monitoring expenses.
(d) For fiscal year 2016 and thereafter, the base for this program is $4,350,000.