A. All requests seeking funds from the Foundation shall be thoroughly evaluated utilizing the criteria set forth in subsection B of this section. The Board and such staff as may be employed shall participate in the evaluation and may utilize such additional assistance as they determine necessary. The universities shall provide expertise for the evaluation process as requested by the Board.
B. Each funding request shall be evaluated according to the extent to which it meets a substantial portion of the following criteria as appropriate to the project or technology proposed:
1. Whether, and to what extent, the proposed project will identify, develop, and facilitate production and marketing of alternative fuels, clean energy sources, reduced dependence on foreign energy supplies, more affordable energy, discovery and development of raw materials necessary for energy production, or other similar improvements in energy creation, production, distribution, and affordability;
2. Whether, and to what extent, the proposed project will aid in economic revitalization of economically disadvantaged areas;
3. The scientific and technological value and viability of the proposed project;
4. The likelihood that the proposed project will fully realize its stated objectives;
5. The cost of the proposed project in relation to its reasonably foreseeable economic impact;
6. Whether, and to what extent, the proposed project will likely result in a commercially viable outcome;
7. The effort and time necessary to commercialize outcomes of the proposed project;
8. Whether, and to what extent, the requesting entity has utilized other available funding sources; and
C. The Board shall determine whether a funding request sufficiently meets the criteria established and the purposes of this chapter, and if so, the appropriate amount of funding to be provided. Funding shall be awarded only to those proposed projects that best meet the established criteria and purposes of this chapter.
D. Any member of the Board who has a personal interest in any transaction before the Board shall be disqualified from participating in that transaction, and shall forthwith make disclosure of the existence of his interest, including the full name and address of the business involved, and his disclosure shall also be reflected in the public records of the Board for five years in the office of the administrative head of the Board or, if the Board has a clerk, in the clerk’s office.
History
2010, c. 846.
