Section 3152. Purpose; powers; duties

1. Purpose. The foundation is created
  to  fulfill  the public purposes of furthering job creation and economic
  growth and advances in the fields of science, technology and  innovation
  and   to   facilitate  the  commercialization  of  scientific  or  other
  innovations in New York state. The foundation is authorized and directed
  to prepare a strategic  plan  and  provide  for  the  implementation  of
  programs  to:  (a)  work  with the academic institutions in the state to
  encourage research in  cutting-edge  scientific  fields  and  develop  a
  statewide  intellectual  property  policy  to  assure  that  innovations
  resulting from academic research are commercialized in New  York  state;
  (b)  develop new or improved methods of production to assist the state's
  industries; (c) facilitate job growth and business expansion  throughout
  New  York  state; and (d) coordinate economic and technology development
  efforts   with   regional   partnerships,   businesses,   not-for-profit
  organizations,  academic  and research institutions, community colleges,
  and regional and state governments, in order to  enhance  the  strengths
  and assets of each of the various regions of New York state.
    2.  Powers.  The  foundation shall have power: (a) to sue and be sued;
  (b) to have a seal and alter the same at its pleasure; (c)  to  acquire,
  hold and dispose of personal property for its corporate purposes; (d) to
  enter  into  contracts  with  the  state,  political subdivisions or any
  agency or instrumentality thereof, or any person, firm  or  corporation;
  (e)  to accept gifts, funds, property or services from public or private
  sources in furtherance of its corporate purposes; (f)  to  adopt,  amend
  and repeal by-laws for the management and regulation of its affairs; (g)
  to  do any and all other things necessary or convenient to carry out its
  purposes and effectively implement the provisions of this title; and (h)
  to contract  with  qualified  entities  for  the  purpose  of  providing
  advisory  services  regarding  the  availability of venture capital on a
  regional basis, analysis of venture  capital  investment  opportunities,
  and  other  technical  assistance  to ensure the availability of venture
  capital in each region of the state.
    3. Duties. The foundation shall have all of the following duties:
    (a) to adopt by-laws, guidelines and regulations as it deems necessary
  to oversee the programs as defined in this title, provided however  that
  such  by-laws,  guidelines and regulations shall not restrict the duties
  of  the  partnerships  as  specified  in  subdivision  six  of   section
  thirty-one hundred fifty-four of this title;
    (b) to contract and to execute instruments necessary or convenient for
  the conducting of its business;
    (c) to accept funds from all available sources;
    (d) to encourage and coordinate programs and investments which advance
  the competitiveness of New York businesses in the global economy through
  the promotion of technology, innovation and commercialization throughout
  the state's regions;
    (e)  to  develop  policies  and  implement  programs  which promote an
  entrepreneurial business  environment,  advance  new  technologies,  and
  encourage the development of an innovative and competitive work force;
    (f)  to  certify  and  re-certify  up  to ten regional partnerships as
  regional partnerships pursuant to subdivision four of section thirty-one
  hundred fifty-four of this title;
    (g) to establish regulations and guidelines that shall  apply  to  the
  implementation of foundation funds, which give priority to cluster-based
  initiatives,   including  all  rules  and  regulations  related  to  the
  disbursement of such funds  identified  in  section  thirty-one  hundred
  fifty-four of this title;
    (h)  to  require  and  certify  that  any  return on the partnerships'
  investments, after meeting all  terms  and  conditions  of  any  grants,

  awards  or  loans,  shall  be  reinvested  by  the  partnerships for the
  purposes outlined in  section  thirty-one  hundred  fifty-four  of  this
  title;
    (i)  to  coordinate  and advance statewide and regional initiatives to
  market state businesses, and research  activities  related  to  economic
  development  and opportunities at academic and research institutions and
  community-based and economic development initiatives  within  the  state
  and at the national and international level;
    (j)  to  assist  efforts  to identify and pursue funding opportunities
  from the federal  government  and  other  sources  and  coordinate  with
  regional  partnerships  to  provide  funding to leverage such grants and
  awards;
    (k) to conduct an annual comprehensive accounting of  all  partnership
  programs  involving  foundation funds, including all funding and lending
  activity  and  oversee  and  regulate  all  partnerships'   assets   and
  liabilities;
    (l)  to  establish  and  require  audits, disclosures and other review
  procedures for all activities funded by the foundation; and
    (m) on or before February first, two thousand seven, and on an  annual
  basis thereafter, prepare a report on the performance, effectiveness and
  economic   impact  of  the  regional  partnerships,  and  evaluate  each
  partnership's performance based on the performance  of  the  duties  set
  forth  in  subdivision  six  of section thirty-one hundred fifty-four of
  this title, including but not limited  to  a  partnership's  success  in
  funding  innovative  companies  in New York, creating jobs, developing a
  regional economic development strategy and marketing and  promoting  the
  regional  economy.  Such  report shall be submitted to the governor, the
  temporary president of the senate and the speaker of the assembly; and
    (n)  to  establish  an  annual  report  that  assesses  the   quality,
  effectiveness,  cost  and  benefit of all programs to advance scientific
  and technological research, development and commercialization  that  are
  funded  by  the  state  of  New  York  or  its agencies, foundations and
  authorities. In furtherance of this purpose the  board  shall  have  the
  following powers and duties:
    (1)  to  develop or select analytical tools and methods to assess such
  elements as the achievement of goals  and  objectives,  the  quality  of
  research   conducted  by  award  recipients,  the  level  of  technology
  diffusion and commercialization resulting  from  state  assistance,  the
  economic   benefits   realized   by  award  recipients,  the  impact  on
  employment, gross state product, taxes, revenues, and business  creation
  and  expansion in New York state, the economic benefit to regions of the
  state, and non-economic benefits such as improvements in  public  health
  and safety or in the natural or built environment;
    (2)  to  request  and  receive from state agencies and authorities and
  from grant recipients relevant information and documentation, except for
  information protected by nondisclosure agreements,  necessary  for  such
  report;
    (3) to quantify new private-sector firms and private-sector changes in
  jobs, sales and exports resulting, directly or indirectly, from research
  and development funded by the state; and
    (4)  to  identify  the  development  or  expansion  of high-technology
  industry clusters in proximity to research centers and  programs  funded
  by the state.