Colorado § 24-75-1401 - Indirect costs excess recovery fund - creation - departmental accounts - use of fund - definitions - repeal.

§ 24-75-1401. Indirect costs excess recovery fund - creation - departmental accounts - use of fund - definitions - repeal.

(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) (a) 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 money 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.

(b) (I) For state fiscal years commencing on or before July 1, 2024, and on or after July 1, 2026, the state treasurer shall credit all interest and income derived from the deposit and investment of money in the indirect costs excess recovery fund to the indirect costs excess recovery fund.

(II) For the state fiscal year commencing on July 1, 2025, in accordance with section 24-36-114 (1), the state treasurer shall credit all interest and income derived from the deposit and investment of money in the indirect costs excess recovery fund to the general fund.

(III) (A) On June 30, 2025, the state treasurer shall transfer seven hundred seventy-nine thousand five hundred seventy-five dollars from the indirect costs excess recovery fund to the general fund.

(A.1) On June 30, 2026, the state treasurer shall transfer one million dollars from the account for the department of public safety within the indirect costs excess recovery fund to the general fund.

(B) This subsection (2)(b)(III) is repealed, effective July 1, 2027.

(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.

(b) Repealed.

(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.

Source: L. 2013: Entire part added, (SB 13-109), ch. 18, p. 45, § 1, effective March 8. L. 2020: (3.5) added, (HB 20-1381), ch. 171, p. 786, § 4, effective June 29. L. 2022: (3) amended, (HB 22-1295), ch. 123, p. 776, § 6, effective July 1. L. 2025: (2) amended, (SB 25-317), ch. 385, p. 2157, § 36, effective June 3. L. 2026: (2)(b)(III)(A.1) added and (2)(b)(III)(B) amended, (HB 26-1405), ch. 396, p. 2484, § 23, effective June 4.

Editor's note: Subsection (3)(b)(II) provided for the repeal of subsection (3)(b), effective July 1, 2024. (See L. 2023, p. 776.)

Cross references: For the legislative declaration in SB 25-317, see section 1 of chapter 385, Session Laws of Colorado 2025.

FEDERAL FUNDS

ARTICLE 76

Federal Funds

24-76-100.3. Definitions.

24-76-101. Appropriation of certain federal funds.

24-76-102. Reporting requirements.

24-76-103. Federal grants - mortgage lending process.

24-76-104. Reporting of federal funds.