(a) The governor’s university research initiative fund is a dedicated account in the general revenue fund.
(b) The fund consists of:
(1) amounts appropriated or otherwise allocated or transferred by law to the fund;
(2) money deposited to the fund under § 62.166 of this subchapter or under § 490.101(b-1), Government Code; and
(3) gifts, grants, and other donations received for the fund.

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(c) The fund may be used by the office only for the purposes of this subchapter, including for necessary expenses incurred in the administration of the fund and this subchapter.