Nevada Revised Statutes 388A.162 – Account for the State Public Charter School Authority: Creation; use of money in Account; acceptance of gifts, grants and bequests; prohibition against accepting gift or donation from charter management organization…
1. The Account for the State Public Charter School Authority is hereby created in the State General Fund, to be administered by the Executive Director.
Terms Used In Nevada Revised Statutes 388A.162
- Bequest: Property gifted by will.
- Charter school: means a public school that is formed pursuant to the provisions of chapter 388A of NRS. See Nevada Revised Statutes 385.007
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
2. The interest and income earned on the money in the Account must be credited to the Account.
3. The money in the Account may be used only for the establishment and maintenance of the State Public Charter School Authority.
4. Any money remaining in the Account at the end of a fiscal year does not revert to the State General Fund, and the balance in the Account must be carried forward to the next fiscal year.
5. Except as otherwise provided in this subsection, the Executive Director and the State Public Charter School Authority may accept gifts, grants and bequests to carry out the provisions of this chapter. The Executive Director and the State Public Charter School Authority shall not accept any gift or donation from a charter management organization, a committee to form a charter school or the governing body of a charter school. Any money from gifts, grants and bequests must be deposited in the Account and may be expended in accordance with the terms and conditions of the gift, grant or bequest, or in accordance with this section.