Maryland Code, EDUCATION 18-310
Terms Used In Maryland Code, EDUCATION 18-310
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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.
- gift: includes an inter vivos gift, inter vivos endowment, bequest, devise, legacy, or testamentary endowment of any interest in real or personal property. See
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) (1) In this section, “Fund” means the Educational Excellence Fund.
(2) There is an Educational Excellence Fund in the Commission.
(3) The Commission shall administer the Fund.
(4) The Fund is a special, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.
(5) The State Treasurer shall hold the Fund separately and the Comptroller shall account for the Fund.
(6) The Commission:
(i) May accept any gift or grant from any person or corporation for the Fund;
(ii) Shall use any gift or grant that it receives to support an early intervention program to identify students eligible for the Delegate Howard P. Rawlings Educational Excellence Award Program and prepare them for college; and
(iii) Shall deposit any gift or grant that it receives for the Fund with the State Treasurer for use only in the early intervention program.
(7) (i) At the end of the fiscal year, the Commission shall prepare an annual report on the Fund that includes an accounting of all financial receipts and expenditures to and from the Fund.
(ii) The Commission shall submit a copy of the report to the General Assembly as provided under § 2-1257 of the State Government Article.