(1) As used in this section, unless the context otherwise requires: (a) "Colorado application for state financial aid" or "CASFA" means the application to determine student financial need and eligibility for state financial aid programs using federal FAFSA methodology, or any successor form. (b) "Financial literacy" means knowledge of personal finances that is sufficient to enable a person to manage savings, investment, and checking accounts; to design and maintain a household budget; to manage personal debt; to understand consumer credit and finance; to manage personal credit options; to assess the affordability of and how to budget for postsecondary education; to understand the purpose of and how to access and complete the FAFSA or CASFA to access student financial aid; to understand the home buying process, including home loans and managing mortgage debt; and to understand and select from short- term and long-term investment options. (c) "Free application for federal student aid" or "FAFSA" means the federal application used to determine student financial need and eligibility for federal student aid programs, or any successor form. (2) The state board shall create and maintain a resource bank of materials pertaining to financial literacy. At a minimum, the resource bank shall include national model standards for financial literacy, model programs of instruction for financial literacy, model financial literacy curricula, and model materials for professional educator development in teaching financial literacy. The resource bank shall also include a list of the available mathematics and economics textbooks that contain substantive provisions on personal finance, including personal budgeting, credit, debt management, and similar personal finance topics. The state board shall ensure that the materials included in the resource bank represent the best practices in the teaching of financial literacy. The materials in the resource bank shall be available to school districts not later than March 15, 2005. (2.5) In addition to the materials included in the resource bank pursuant to subsection (2) of this section, the resource bank must also include information concerning financial aid planning for postsecondary education expenses; information concerning the benefits of completing and submitting the FAFSA, or, for students who are not eligible for financial aid pursuant to Title IV, Part B of the federal "Higher Education Act of 1965", as amended, the CASFA; and electronic links to the FAFSA and CASFA and instructions for completing the FAFSA and CASFA. (3) Upon the request of a school district or a charter school, the department shall provide technical assistance to the school district or charter school in designing a curriculum of financial literacy. (4) The department shall implement the provisions of this section to the fullest degree possible within existing resources. The department shall contract with one or more entities for the implementation of this section. (5) The general assembly hereby finds and declares that, for purposes of section 17 of article IX of the state constitution, creation of a resource bank of materials pertaining to financial literacy is an important element of an accountable program to meet state academic standards and may therefore receive funding from the state education fund created in section 17 (4) of article IX of the state constitution. (6) The department is authorized to accept and expend any gifts, grants, or donations that may be available from any private or public sources for the implementation of this section. All private and public funds received through gifts, grants, or donations pursuant to this subsection (6) shall be transmitted to the state treasurer, who shall credit the same to the financial literacy cash fund, which fund is hereby created and referred to in this subsection (6) as the "fund". The moneys in the fund shall be subject to annual appropriation by the general assembly for the direct and indirect costs associated with the implementation of this section. Any moneys in the fund not expended for the purposes of this section may be invested by the state treasurer as provided by law. All interest and income derived from the investment and deposit of moneys in the fund shall be credited to the fund. Any unexpended and unencumbered moneys remaining in the fund at the end of a fiscal year shall remain in the fund and shall not be credited or transferred to the general fund or another fund. (7) (a) The department, in collaboration with the department of higher education, shall: (I) Update financial literacy information and training provided to local education providers to include detailed resources and tools about financial aid, access to financial aid tools, and applications and processes beginning in middle school or earlier; and (II) Develop financial literacy training options aligned with financial aid information, federal and state application processes, and underlying financial literacy principles, such as in- demand, high-wage jobs and the necessary training leading to those jobs. The department shall prioritize providing training to financial literacy educators, career and technical education instructors, counselors, and professionals, such as those working in family engagement. (b) For the 2022-23 state fiscal year, the general assembly shall appropriate to the department two hundred seventy-five thousand dollars from the general fund for the programs pursuant to this subsection (7). Any unexpended money remaining at the end of the 2022-23 state fiscal year from this appropriation: (I) Does not revert to the general fund or any other fund; (II) May be used by the department in the 2023-24 or 2024-25 state fiscal year without further appropriation; and (III) Must not be used for any other purpose other than the purposes set forth in this subsection (7). (c) This subsection (7) is repealed, effective July 1, 2025.
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