(1) The Going pro talent fund is created within the state treasury.

    (2) The state treasurer may receive money or other assets from any source for deposit into the fund. The state treasurer shall direct the investment of the fund. The state treasurer shall credit to the fund interest and earnings from fund investments.

    (3) Money in the fund at the close of the fiscal year shall remain in the fund and shall not lapse to the general fund.

    (4) The department is the administrator of the fund for auditing purposes.

    (5) The department shall expend money from the fund, upon appropriation, only for 1 or more of the following purposes:

    (a) The payment of awards to awardees.

    (b) The administration of the program.