Indiana Code 20-33-5-9.5. Reimbursement formula
(b) The amount of reimbursement that a school corporation or an accredited nonpublic school (as defined in section 9(a) of this chapter) is entitled to receive under section 7 or 9 of this chapter in a state fiscal year is equal to the amount determined in the following STEPS:
Terms Used In Indiana Code 20-33-5-9.5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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.
- school corporation: includes a charter school. See Indiana Code 20-33-5-1
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
STEP TWO: Determine the total number of eligible students for which reimbursement was requested under either section 7 or 9 of this chapter before November 1 of the previous calendar year by all school corporations and accredited nonpublic schools.
STEP THREE: Divide the result determined in STEP ONE by the number determined in STEP TWO.
STEP FOUR: Multiply:
(A) the STEP THREE result; by
(B) the number of eligible students for which reimbursement was requested under section 7 or 9 of this chapter before November 1 of the state fiscal year by the school corporation or the accredited nonpublic school.
As added by P.L.229-2011, SEC.194. Amended by P.L.205-2013, SEC.258; P.L.92-2020, SEC.80; P.L.201-2023, SEC.175.