15-204. Acceptance of gifts and grants; gifts
and grants fund; use; unexpended monies
A. The state board of education may accept gifts or grants of monies or real or
personal property from public and private organizations, if the purpose of the gift or
grant specified by the donor is approved by the board and is within the scope of the
board's powers and duties. There is established a fund for the placement of such monies
which shall be designated as the gift and grant fund.
B. Any such monies received by the state board shall be placed in the appropriate
gift and grant fund and expended for the purpose specified by the donor.
C. If all or part of the monies accepted by the board from a donor are not expended
prior to the end of the fiscal year in which the gift or grant was accepted, the balance
of the amount donated shall remain in the gift or grant fund until needed for the purpose
specified by the donor.
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