Section 5-28-16-4 - Powers and duties of board; reporting(a) The board has the following powers:(1) To accept, analyze, and approve applications under this chapter.(2) To contract with experts for advice and counsel.(3) To employ staff to assist in carrying out this chapter, including providing assistance to applicants who wish to apply for a grant or loan from the fund, analyzing proposals, working with experts engaged by the board, and preparing reports and recommendations for the board.(4) To approve applications for grants or loans from the fund, subject to budget agency review under section 2(e) of this chapter.(5) To establish programs and initiatives with corresponding investment policies.(b) The board shall give priority to applications for grants or loans from the fund that: (1) have the greatest economic development potential; and(2) require the lowest ratio of money from the fund compared with the combined financial commitments of the applicant and those cooperating on the project.(c) The board shall make final funding determinations for applications for grants or loans from the fund, subject to budget agency review under section 2(e) of this chapter. In making a determination on a proposal intended to obtain federal or private research funding, the board shall be advised by a peer review panel and shall consider the following factors in evaluating the proposal: (1) The scientific merit of the proposal.(2) The predicted future success of federal or private funding for the proposal.(3) The ability of the researcher to attract merit based scientific funding of research.(4) The extent to which the proposal evidences interdisciplinary or interinstitutional collaboration among two (2) or more Indiana postsecondary educational institutions or private sector partners, as well as cost sharing and partnership support from the business community. The purposes for which grants and loans may be made include erecting, constructing, reconstructing, extending, remodeling, improving, completing, equipping, and furnishing research and technology transfer facilities.
(d) The peer review panel shall be chosen by and report to the board. In determining the composition and duties of a peer review panel, the board shall consider the National Institutes of Health and the National Science Foundation peer review processes as models. The members of the panel must have extensive experience in federal research funding. A panel member may not have a relationship with any private entity or postsecondary educational institution in Indiana that would constitute a conflict of interest for the panel member.(e) In making a determination on any other application for a grant or loan from the fund involving a proposal to transfer research results and technologies into marketable products or commercial ventures, the board shall consult with experts as necessary to analyze the likelihood of success of the proposal and the relative merit of the proposal.(f) A grant or loan from the fund may not be submitted for review by the budget agency under section 2(e) of this chapter unless the grant or loan has received a positive recommendation from a peer review panel described in this section.(g) The corporation shall include information concerning grants and loans made under this chapter in the economic incentives and compliance report submitted under IC 5-28-28.Amended by P.L. 130-2018,SEC. 15, eff. 7/1/2018.Amended by P.L. 237-2017,SEC. 22, eff. 7/1/2017.Amended by P.L. 145-2016, SEC. 17, eff. 7/1/2016.Amended by P.L. 213-2015, SEC. 72, eff. 7/1/2015.As added by P.L. 4-2005, SEC.34. Amended by P.L. 1-2006, SEC.129; P.L. 2-2007, SEC.109.