From the total amount reserved under section 10001(c) of this title, the Secretary may reserve up to $650,000,000 to establish an Innovation Fund, which shall consist of academic achievement awards that recognize eligible entities that meet the requirements described in subsection (b).
In the case of an eligible entity that includes a nonprofit organization, the eligible entity shall be considered to have met the eligibility requirements of paragraphs (1)(A) or (1)(B) and (2) of subsection (b) if the nonprofit organization has a record of significantly improving student achievement, attainment, or retention and shall be considered to have met the requirements of subsection (b)(3) if it demonstrates that it will meet the requirement relating to private-sector matching.
In the case of an eligible entity that is a partnership described in subsection (a)(1)(B), the partner serving as the fiscal agent may make subgrants to one or more of the other entities in the partnership.
Section 6311 of this title, referred to in subsec. (b)(1)(A), was amended generally by Pub. L. 114–95, title I, § 1005,
2009—Subsec. (a)(3). Pub. L. 111–117, § 307(1), amended par. (3) generally. Prior to amendment, text read as follows: “The Secretary shall make awards to eligible entities that have made significant gains in closing the achievement gap as described in subsection (b)(1)—
“(A) to allow such eligible entities to expand their work and serve as models for best practices;
“(B) to allow such eligible entities to work in partnership with the private sector and the philanthropic community; and
“(C) to identify and document best practices that can be shared, and taken to scale based on demonstrated success.”
Subsec. (b). Pub. L. 111–117, § 307(2), redesignated pars. (1), (2), (3), and (4) as (1)(A), (1)(B), (2), and (3), respectively, inserted “or” after semicolon in par. (1)(A), amended par. (1)(B) generally, and substituted “it has established one or more partnerships” for “they have established partnerships” in par. (3). Prior to amendment, par. (1)(B) read as follows: “have exceeded the State’s annual measurable objectives consistent with such section 6311(b)(2) of this title for 2 or more consecutive years or have demonstrated success in significantly increasing student academic achievement for all groups of students described in such section through another measure, such as measures described in section 6311(c)(2) of this title;”.
Subsec. (c). Pub. L. 111–117, § 307(3), substituted “paragraphs (1)(A) or (1)(B) and (2) of subsection (b) if the nonprofit organization has a record of significantly improving student achievement, attainment, or retention and shall be considered to have met the requirements of subsection (b)(3) if it demonstrates that it will meet the requirement relating to private-sector matching” for “paragraphs (1), (2), (3) of subsection (b) if such nonprofit organization has a record of meeting such requirements”.
Subsec. (d). Pub. L. 111–117, § 307(4), added subsec. (d).
Pub. L. 113–76, div. H, title III,