Nevada Revised Statutes 223.492 – Grant Matching Account: Creation; administration; sources
1. The Grant Matching Account is hereby created in the State General Fund. The Office shall administer the Grant Matching Account.
Terms Used In Nevada Revised Statutes 223.492
- 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
- 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.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
2. Money received from:
(a) A direct legislative appropriation to the Grant Matching Account;
(b) A transfer from the Abandoned Property Trust Account pursuant to NRS 120A.620; and
(c) A grant, gift or donation to the Grant Matching Account, must be deposited in the Grant Matching Account. The interest and income earned on the money in the Grant Matching Account must be credited to the Grant Matching Account.
3. Except as otherwise provided in subsection 4, the balance remaining in the Grant Matching Account that has not been committed for expenditure on or before June 30 of an odd-numbered fiscal year reverts to the State General Fund.
4. All money received from a grant, gift or donation to the Grant Matching Account:
(a) Must be accounted for separately in the Account;
(b) Must be expended in accordance with the terms of the gift, grant or donation; and
(c) Does not revert to the State General Fund and must be carried over into the next fiscal year.