§ 16-89-5 - Grant, gifts and donation – Fiduciary responsibility of municipalities – Accounting.
SECTION 16-89-5
§ 16-89-5 Grant, gifts and donation –Fiduciary responsibility of municipalities – Accounting. – (a) Any amount of money received by any municipality for expenditure pursuantto this chapter shall be deposited by the chief finance officer of themunicipality into the municipal treasury in a separate, restricted receiptaccount identifiable to the particular grant, gift or donation and shall beexpended solely by and upon the demand of the school district, schooldepartment or school committee in accord with the express terms and conditionsof said grant, gift or donation.
(b) Any account established hereunder shall be interestbearing and any interest on funds so deposited shall remain with and becomepart of the grant, gift or donation and shall be expended as part of saidgrant, gift or donation.
(c) Any other grant, gift or donation of any kind, other thanmoney, including, but not limited to equipment, supplies, materials, servicesand any other contribution of value may be received directly by schooldistricts, school departments, or school committees so long as said grant, giftor donation shall be accounted for from time of receipt to time of disposition,and so long as direct receipt of such is not otherwise prohibited by law.