MN SF591

Appropriates $8,000,000 in fiscal year 2012 and $8,000,000 in fiscal year 2013 from the general fund to the Board of Regents of the University of Minnesota.

Funds support direct and indirect expenses for collaborative research between the University of Minnesota and Mayo Foundation focusing on biotechnology and medical genomics.

Requires all partnership parties to be consulted before the Board of Regents reduces funding allocated to the partnership.

Requires annual reports on fund expenditures submitted to the governor and legislative committee chairs for higher education and economic development by June 30 of each fiscal year.

Sets base appropriation of $8,000,000 annually beginning in fiscal year 2014, with funds available until expended.