The Legislature may seek outside funds to fund costs of the Council. Contributions to support the work of the Council may not be accepted from any party having a pecuniary or other vested interest in the outcome of the matters being studied or who would in any way compromise the work of the Council. Any person, other than a government agency, desiring to make a financial or in-kind contribution must certify to the Legislature or its designee in the manner prescribed by the Legislature that the person has no pecuniary or other vested interest in the outcome of the work of the Council. Contributions are to be deposited in a separate checking account with a local banking institution for the operation and initiatives of the Legislative Youth Advisory Council. All contributions are subject to approval by the Legislature or its designee. The Executive Director of the Legislature administers any funds received by the Council. The executive director shall notify the chairs of the Council of the status of the funding on or before October 1st annually and what funding is available for the following fiscal year.