§ 20-2A-2 - Requirements for student scholarship organizations - Georgia Statutes

O.C.G.A. 20-2A-2 (2010)
20-2A-2. Requirements for student scholarship organizations

Each student scholarship organization:

(1) Must obligate 90 percent of its annual revenue for scholarships or tuition grants; however, up to 25 percent of this amount may be carried forward for the next fiscal year;

(2) Must maintain separate accounts for scholarship funds and operating funds;

(3) May transfer funds to another student scholarship organization;

(4) Must conduct an audit of its accounts by an independent certified public accountant within 120 days after the completion of the student scholarship organization's fiscal year and provide such audit to the Department of Revenue in accordance with Code Section 20-2A-3; and

(5) Must annually submit notice to the Department of Education in accordance with department guidelines of its participation as a student scholarship organization under this chapter.