A. The governing board shall deposit in a separate bank account grants or gifts that are less than one thousand five hundred dollars and designated for use by a teacher for instructional purposes if the governing board does not deposit the grant or gift as prescribed in section 15-341, subsection A, paragraph 14.

Terms Used In Arizona Laws 15-1224

  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Governing board: means a body organized for the government and management of the schools within a school district or a county school superintendent in the conduct of an accommodation school. See Arizona Laws 15-101
  • School district: means a political subdivision of this state with geographic boundaries organized for the purpose of the administration, support and maintenance of the public schools or an accommodation school. See Arizona Laws 15-101

B. A separate record shall be maintained for each grant or gift deposited in the bank account.

C. Disbursements from the bank account shall be by check signed by two employees of the school district appointed by the governing board and shall be authorized by the teacher designated to use the grant or gift as provided in the uniform system of financial records.

D. If any of the monies are not spent before the end of the fiscal year in which the gift or grant was accepted, the balance of the monies shall remain in the bank account until needed for instructional purposes as designated by the teacher, or determined by the grantor.

 

 

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