Nevada Revised Statutes 432.0165 – Nevada Children’s Gift Revolving Account
1. The Nevada Children’s Gift Revolving Account is hereby created. All money in the Nevada Children’s Gift Revolving Account must be deposited in a financial institution qualified to receive deposits of public money and must be secured with a depository bond that is satisfactory to the State Board of Examiners, unless it is otherwise secured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or a private insurer approved pursuant to NRS 672.755.
Terms Used In Nevada Revised Statutes 432.0165
- Child: means a person who is less than 18 years of age or who remains under the jurisdiction of a court pursuant to NRS 432B. See Nevada Revised Statutes 432.010
- 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.
- Division: means the Division of Child and Family Services of the Department. See Nevada Revised Statutes 432.010
- 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.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
2. The money in the Nevada Children’s Gift Revolving Account may be distributed by the Division to foster parents, upon request, on the basis of need, to pay the costs associated with participation by a child in foster care in intramural, recreational, social, school and sports-related activities, including, without limitation, uniforms and equipment, the rental of musical instruments, registration fees and art lessons.
3. All requests for distributions of money from the Nevada Children’s Gift Revolving Account must be made to the Division in writing. The person making the request must demonstrate that all other resources for money to pay for the activity have been exhausted.
4. The Division shall develop policies for the administration of this section.
5. Purchases made by the Division pursuant to this section are exempt from the provisions of the State Purchasing Act.
6. The balance in the Nevada Children’s Gift Revolving Account must be carried forward at the end of each fiscal year.