Delaware Code Title 14 Sec. 310 – The Interscholastic Athletic Fund: payment of expenses; deposits of …
(a) The expenses of the Association are paid from the Interscholastic Athletic Fund, a special fund created to fund this chapter. An appropriation that the General Assembly makes to the Department for the Association must be allocated to this fund. This fund is interest bearing.
Terms Used In Delaware Code Title 14 Sec. 310
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Association: means the Delaware Interscholastic Athletic Association. See Delaware Code Title 14 Sec. 302
- Department: means the Delaware Department of Education. See Delaware Code Title 14 Sec. 302
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
(b) The Association may receive state appropriations, federal moneys, membership dues, tournament revenues, fees, fines, official dues, merchandising and licensing revenue, interest, and event, professional development, and scholarship sponsorships.
(c) The Association may establish special fund accounts to track revenue. A special fund account must be interest bearing and may not subject to reversion. The Association is exempt from the state bid law.
(d) The Association may not operate an account outside of the state accounting system.
(e) The Interscholastic Athletic Fund or a special fund account under this section must be utilized to support the activities and operations of Delaware interscholastic athletics and may include the purchase of general liability insurance as it relates to the rental of non-state-owned venues for sponsored events, including tournaments.
(f) The expenditure of funds from the Interscholastic Athletic Fund must be in accordance with the Division of Accounting budget and accounting procedures.
73 Del. Laws, c. 374, § ?3; 80 Del. Laws, c. 298, § 302; 83 Del. Laws, c. 518, § 10;