CA AB2664

Allocates $2,200,000 to each of the 10 University of California campuses from the 2016 Budget Act for one-time expenditures supporting innovation and entrepreneurship activities that expand economic development.

Requires the Regents to establish an external advisory body with expertise in innovation and entrepreneurship to oversee planning and ensure effective use of funds.

Prohibits campus expenditures until the external advisory body certifies that the chancellor has demonstrated funds will support qualifying activities (business training, mentorship, proof-of-concept grants, workspace, laboratory space, equipment) and that private funds matching the state allocation will also be committed.

Mandates that any financial benefits or revenues generated from use of these funds be accounted for and reinvested in the same activities, and that a credible plan exists for sustaining ongoing activities beyond the one-time funding.

Requires the University of California to report to the Director of Finance and Legislature by November 30, 2017, detailing the specific activities at each campus funded by these appropriations.