Nevada Revised Statutes 232.3603 – Success Contract Account: Creation; administration; interest and income; nonreversion; deposit of gifts, grants and donations; use
1. The Success Contract Account is hereby created in the State General Fund. The Account must be administered by the Director.
Terms Used In Nevada Revised Statutes 232.3603
- Contract: A legal written agreement that becomes binding when signed.
- 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.
2. The interest and income earned on:
(a) The money in the Account, after deducting any applicable charges; and
(b) Unexpended appropriations made to the Account from the State General Fund, must be credited to the Account.
3. Any money in the Account and any unexpended appropriations made to the Account from the State General Fund remaining at the end of a fiscal year do not revert to the State General Fund, and the balance in the Account must be carried forward to the next fiscal year.
4. The Department may apply for and accept gifts, grants and donations of money from any source for deposit in the Account.
5. The money in the Account must only be used to:
(a) Provide payments due pursuant to success contracts awarded in accordance with the provisions of NRS 232.3602; and
(b) Administer the provisions of NRS 232.3601, 232.3602 and 232.3603.