Section 722.608 - Federal funds, gifts, grants, bequests, and donations; disposition(1) The state board may do any of the following:(a) Accept federal money granted by congress or executive order for the purposes of this act as well as gifts, grants, bequests, and donations from individuals, private organizations, or foundations. The acceptance and use of federal money does not commit state money and does not place an obligation upon the legislature to continue the purposes for which the federal money is made available.(b) Enter into a contract with a charitable organization licensed under the charitable organizations and solicitations act, Act No. 169 of the Public Acts of 1975, being sections 400.271 to 400.294 of the Michigan Compiled Laws, for the solicitation of contributions to be used exclusively for the purposes prescribed by section 9. A contract under this subdivision shall include provisions for at least all of the following: (i) A reasonable administrative fee not to exceed 10% for contributions obtained by the charitable organization.(ii) An independent audit of the charitable organization in regard to the solicitation.(iii) Appropriate bonding by the charitable organization.(c) Plan, manage, or conduct a campaign to solicit gifts, bequests, grants, or donations of money or property, or pledges of gifts, bequests, grants, or donations.(2) Money received in the manner described in this section shall be transmitted to the state treasurer for deposit in the trust fund and shall be made available for expenditure as appropriated by the legislature.1982, Act 250, Imd. Eff. 9/29/1982 ;--Am. 1995, Act 146, Imd. Eff. 7/11/1995.