A. The state board of education may accept gifts or grants of monies or property from public or private sources. The state board shall place the monies in a separate account designated as the career and technical education and vocational education fund.

Terms Used In Arizona Laws 15-786

  • Career and technical education and vocational education: means vocational and technical preparation programs for pupils in grades nine through twelve. See Arizona Laws 15-781
  • Fiscal year: means the year beginning July 1 and ending June 30. See Arizona Laws 15-101
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Property: includes both real and personal property. See Arizona Laws 1-215

B. If all or part of the monies accepted by the state board as provided in subsection A are not expended prior to the end of the fiscal year in which the gift or grant was accepted, the remaining balance of the amount remains in the career and technical education and vocational education fund until needed and does not revert to the state general fund at the close of the fiscal year.

 

 

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