Utah Code 53F-6-411. Program funding
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(1) If a scholarship student enters or reenters the public education system during a given school year:
Terms Used In Utah Code 53F-6-411
- 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.
- program: means the scholarship program established in Section
53F-6-402 . See Utah Code 53F-6-401 - Program manager: means an organization that:(4)(a) is qualified as tax exempt under Section 501(c)(3), Internal Revenue Code;(4)(b) is not affiliated with any international organization;(4)(c) does not harvest data for the purpose of reproducing or distributing the data to other entities;(4)(d) has no involvement in guiding or directing any curriculum or curriculum standards;(4)(e) does not manage or otherwise administer a scholarship under:(4)(e)(i) the Carson Smith Scholarship Program established in Section
53F-4-302 ; or(4)(e)(ii) the Carson Smith Opportunity Scholarship Program established in Section53E-7-402 ; and(4)(f) an agreement with the state board recognizes as a program manager, in accordance with this part. See Utah Code 53F-6-401- Scholarship account: means the account to which a program manager allocates funds for the payment of approved scholarship expenses in accordance with this part. See Utah Code 53F-6-401
- Scholarship funds: means :
(11)(a) funds that the Legislature appropriates for the program; and(11)(b) interest that scholarship funds accrue. See Utah Code 53F-6-401- Scholarship student: means an eligible student, including a home-based scholarship student, for whom the program manager establishes and maintains a scholarship account in accordance with this part. See Utah Code 53F-6-401
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(1)(a) no later than five business days after the day on which the student enters or reenters the public education system, the program manager shall immediately remove the balance in the scholarship student’s scholarship account for other use within the program;(1)(b) the state board may not distribute any remaining state funds to the program manager for the student; and(1)(c) the program manager may use the balance described in Subsection (1)(a) for another scholarship student.(2) At the end of a school year, a program manager shall withdraw any remaining scholarship funds in a scholarship account and retain the scholarship funds for disbursement in the following year.(3)(3)(a) To administer the program, the program manager may use up to the lesser of 5% or $2,500,000 of the funds the Legislature appropriates for the program.(3)(b) Subject to Subsection (3)(a), the funds for program administration described in Subsection (3)(a) are nonlapsing.(3)(c) The program manager may not retain administrative cost balances in excess of 25% of total administrative costs in any fiscal year.