Section 194:3-c Revolving Funds for Self-Supporting Programs.
I. A school district may establish a revolving fund for the purpose of providing moneys for school programs which are self-supporting, in whole or in part. The purposes for which such fund is established shall be specified by the district.
II. (a) A school district may raise revenues from and appropriate funds for such self-supporting school programs.
(b) Revenue may include, but is not limited to, moneys derived from the sale of goods or services associated with such programs or tuition charged for such programs. Such revenue shall be appropriated to fund only the program from which it was derived.
(c) A school district may establish a line item in its budget to supplement revenue derived from such programs. No supplemental appropriation may be made except by such budget line item.
(d) A school district shall establish regular intervals for disbursing funds to such programs for program costs approved by the local school board.
III. The revolving fund shall be subject to annual audit, and all records regarding the programs and revenue derived from such programs shall be public.
IV. Moneys in the revolving funds may be nonlapsing, if so specified by the district.
V. Upon termination of a school program funded under this section, moneys derived from such program remaining in the revolving fund shall be returned to the pupil if derived from tuition, or used as local general funds to reduce the tax rate if derived from the sale of goods or services associated with the program.
Source. 1996, 179:1, eff. July 1, 1996.