§ 22-30.5-506 — State charter school institute fund - created

Colorado § 22-30.5-506

• Jurisdiction: Colorado
• Title 22: Education
• Art.: Charter Schools

Text

(1) The state
charter school institute is authorized to receive and expend gifts, grants, and
donations of any kind from any public or private entity to carry out the purposes of
this part 5, subject to the terms and conditions under which given; except that no
gift, grant, or donation shall be accepted if the conditions attached thereto require
the use or expenditure thereof in a manner contrary to law. Any gifts, grants, or
donations received pursuant to this subsection (1) shall be transmitted to the state
treasurer who shall credit the same to the state charter school institute fund,
hereinafter referred to as the fund, which fund is hereby created in the state
treasury. Moneys in the fund are continuously appropriated to the institute, to
offset the actual and reasonable costs incurred by the institute in implementing
this part 5. All investment earnings derived from the deposit and investment of the
moneys in the fund shall be credited to the fund. Any unexpended and
unencumbered moneys remaining in the fund at the end of any fiscal year shall
remain in the fund and shall not be transferred to the general fund or any other
fund.

(2) (a) The institute shall not be obligated to commence operations
necessary to receive applications, until such time as there is at least fifty thousand
dollars in the fund, whether received from gifts, grants, donations, or other sources.

(b) The institute shall not be obligated to commence review of applications
actually received, until such time as the balance in the fund reaches at least one
hundred fifty thousand dollars, whether received from gifts, grants, donations, or
other sources.

(3) The state charter school institute shall create in the fund a school food
authority account, and any moneys received by the state charter school institute as
a result of its operations as a school food authority shall be credited to the school
food authority account. Any moneys credited to the school food authority account
are continuously appropriated to the state charter school institute to offset the
costs incurred in operating as a school food authority.

(4) (a) The state charter school institute shall create in the fund an account
for payment of the institute's administrative overhead costs, as defined in section
22-30.5-513 (1)(h), which account consists solely of moneys retained by the institute
from the institute charter schools' adjusted per pupil revenues and per pupil online
funding pursuant to section 22-30.5-513 (4)(a)(I.5)(E). Except as otherwise provided
in paragraph (b) of this subsection (4), at the end of a budget year, if the amount of
unexpended and unencumbered moneys remaining in the account exceeds twenty
percent of the amount retained by the institution pursuant to section 22-30.5-513
(4)(a)(I.5)(E) for the applicable budget year, the institute shall transfer the amount
of the excess to the institute charter school assistance fund created in section 22-30.5-515.5.

(b) The institute board may adopt a formula to annually adjust the
percentage limit on the fund balance specified in paragraph (a) of this subsection
(4) by multiplying the total pupil enrollment for institute charter schools in the
preceding budget year by a per pupil dollar amount set annually by the institute
board in collaboration with a council of institute charter schools.

Legislative History

Source: L. 2004: Entire part added, p. 1603, � 1, effective July 1. L. 2010: (1) amended and (3) added, (SB 10-111), ch. 170, p. 600, � 4, effective August 11. L. 2012: (1) amended and (4) added, (SB 12-121), ch. 177, p. 639, � 8, effective May 11. L. 2013: (4) amended, (SB 13-143), ch. 71, p. 227, � 1, effective March 22.