North Carolina General Statutes 147-86.12. Cash management for school administration units
(a) Definitions. – As used in this section, the following definitions apply:
(1) Governing body. – The governing body of a public school unit is the following:
a. For a local school administrative unit, the local board of education.
b. For a charter school, the nonprofit corporation board of directors.
c. For a regional school, the regional school board of directors.
d. For an innovative school, the State Board of Education.
Terms Used In North Carolina General Statutes 147-86.12
- 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.
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
(2) Public school unit. – Any of the following, as the terms are defined in Chapter 115C of the N.C. Gen. Stat.:
a. A local school administrative unit.
b. A charter school.
c. A regional school.
d. An innovative school.
(b) All public school units and their officers and employees are subject to the provision of N.C. Gen. Stat. § 147-86.11 with respect to moneys required by law to be deposited with the State Treasurer and with respect to moneys made available to the public school unit for expenditure by warrants drawn on the State Treasurer.
(c) Notwithstanding N.C. Gen. Stat. § 147-86.11(f)(1), a public school unit and its officers and employees shall make a final disbursement to the ultimate payee no later than the third business day after the day the public school unit draws upon moneys deposited with the State Treasurer. For purposes of this subsection, “business day” means every day except Saturday, Sunday, or a federal banking holiday.
(d) Notwithstanding N.C. Gen. Stat. § 147-80, a public school unit may deposit moneys drawn on the State Treasurer pursuant to subsection (b) of this section in an official depository designated by the governing body of the public school unit in accordance with Chapter 115C of the N.C. Gen. Stat.. (1985, c. 709, s. 1; 2021-170, s. 4(a).)