Nevada Revised Statutes 226.425 – Nevada Grown Educator Account: Creation; administration; use of money; donations, gifts, grants and bequests; interest and income; nonreversion
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1. The Nevada Grown Educator Account is hereby created in the State General Fund. The Account must be administered by the State Treasurer.
Terms Used In Nevada Revised Statutes 226.425
- Bequest: Property gifted by will.
- 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 money in the Account must be used to carry out the program established pursuant to NRS 226.420.
3. The State Treasurer may apply for and accept any donation, gift, grant, bequest or other source of money for deposit in the Account.
4. The interest and income earned on money in the Account, after deducting any applicable charges, must be credited to the Account.
5. Any money in the Account remaining 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.