385.095 - Education Gift Fund; restrictions on use of money in Fund. - Nevada Statutes

385.095  Education Gift Fund; restrictions on use of money in Fund.  Except as otherwise provided in NRS 385.091:

      1.  All gifts of money which the State Board is authorized to accept must be deposited in a special revenue fund in the State Treasury designated as the Education Gift Fund.

      2.  The money available in the Education Gift Fund must be used only for the purpose specified by the donor, within the scope of the State Board’s powers and duties, and no expenditure may be made until approved by the Legislature in an authorized expenditure act or by the Interim Finance Committee if the Legislature is not in session.

      3.  If all or part of the money accepted by the State Board from a donor is not expended before the end of any fiscal year, the remaining balance of the amount donated must remain in the Education Gift Fund until needed for the purpose specified by the donor.

      (Added to NRS by 1961, 43; A 1979, 618; 1983, 393; 1987, 667; 1991, 279; 2001, 2753)