§ 20-40-2-6 — Transfers from education fund to operations fund; transfer target percentage; excessive education fund transfer list

Indiana § 20-40-2-6

• Jurisdiction: Indiana
• Title 20: EDUCATION
• Art. 40: GOVERNMENT FUNDS AND ACCOUNTS
• Ch. 2: Education Fund

Text

(a) Each school corporation and, if applicable,
charter school, shall make every reasonable effort to transfer not more
than fifteen percent (15%) of the total revenue deposited in the school
corporation's or, if applicable, charter school's, education fund from the
school corporation's or, if applicable, charter school's, education fund
to the school corporation's or, if applicable, charter school's, operations
fund during a calendar year.
(b) Only after the transfer is authorized by the governing body in a
public meeting with public notice, money in the education fund may be
transferred to the operations fund to cover expenditures that are not
allocated to student instruction and learning under IC 20-42.5 or related
to the cost of providing curricular materials. The amount transferred
from the education fund to the operations fund shall be reported by the
school corporation or, if applicable, charter school, to the department.
The transfers made during the:
(1) first six (6) months of each state fiscal year shall be reported
before January 31 of the following year; and
(2) last six (6) months of each state fiscal year shall be reported
before July 31 of that year.
(c) The report must include information as required by the
department and in the form required by the department.
(d) The department must post the report submitted under subsection
(b) on the department's website.
(e) Beginning in 2020, the department shall track for each school
corporation or, if applicable, charter school, transfers from the school
corporation's or, if applicable, charter school's, education fund to its
operations fund for the preceding six (6) month period. Beginning in
2021, before March 1 of each year, the department shall compile an
excessive education fund transfer list comprised of all school
corporations or, if applicable, charter schools, that transferred more
than fifteen percent (15%) of the total revenue deposited in the school
corporation's or, if applicable, charter school's, education fund from the
school corporation's or, if applicable, charter school's, education fund
to the school corporation's or, if applicable, charter school's, operations
fund during the immediately preceding calendar year. A school
corporation or, if applicable, charter school, that is not included on the
excessive education fund transfer list is considered to have met the
education fund transfer target percentage for the immediately preceding
calendar year.

Legislative History

As added by P.L.244-2017, SEC.71. Amended by P.L.161-2019, SEC.5; P.L.139-2022, SEC.19; P.L.201-2023, SEC.183; P.L.136-2024, SEC.47.