La. Admin. Code tit. 28 § CLV-707

Current through Register Vol. 50, No. 11, November 20, 2024

Section CLV-707 - Budgeting

A. No more than 5 percent of any donation shall be used by the school tuition organization for administrative or promotional costs.

B. Each school tuition organization shall pay out or reserve for scholarships at least 75 percent of all funds from donations.

1. Only those funds that are designated for a specific student who is awarded a scholarship for the next school year or for multiple school years shall be considered to be "reserved."

2. On July 1 of each year, the school tuition organization shall make an accounting of all funds received as donations during the previous calendar year and retained from the year before the previous calendar year.

3. Any donated funds retained by the school tuition organization as of July 1 that exceed 25 percent of all funds available from donations from all prior calendar years shall be remitted to the department for deposit into the state general fund.

C. Each school tuition organization shall provide for the administration of the state tests associated with the school and district accountability system to those participating students to whom it has awarded scholarships in grades that require testing under the state's accountability and testing laws for public schools. Such costs shall not be included as part of any scholarship award.

La. Admin. Code tit. 28, § CLV-707

Promulgated by the Board of Elementary and Secondary Education, LR 39:1027 (April 2013), Amended LR 432482 (12/1/2017).

AUTHORITY NOTE: Promulgated in accordance with R.S. 47:6301.