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     15-30-3103. (Temporary -- effective January 1, 2016) Requirements for student scholarship organizations. (1) A student scholarship organization:
     (a) shall obligate at least 90% of its annual revenue for scholarships. For the purpose of this calculation:
     (i) the cost of the annual fiscal review provided for in 15-30-3105(1)(b) may be paid out of the total contributions before calculation of the 90% minimum obligation amount; and
     (ii) all contributions subject to the 90% minimum obligation amount that are received in 1 calendar year must be paid out in scholarships within the 3 calendar years following the contribution.
     (b) may not restrict or reserve scholarships for use at a particular education provider or any particular type of education provider and shall allow an eligible student to enroll with any qualified education provider of the parents' or legal guardian's choice;
     (c) shall provide scholarships to eligible students to attend instruction offered by a qualified education provider;
     (d) may not provide a scholarship to an eligible student for an academic year that exceeds 50% of the per-pupil average of total public school expenditures calculated in 20-9-570;
     (e) shall ensure that the organization's average scholarship for an academic year does not exceed 30% of the per-pupil average of total public school expenditures calculated in 20-9-570;
     (f) shall maintain separate accounts for scholarship funds and operating funds;
     (g) may transfer funds to another student scholarship organization;
     (h) shall maintain an application process under which scholarship applications are accepted, reviewed, approved, and denied; and
     (i) shall comply with payment and reporting requirements in accordance with 15-30-3104 and 15-30-3105.
     (2) An organization that fails to satisfy the conditions of this section is subject to termination as provided in 15-30-3113. (Terminates December 31, 2023--sec. 33, Ch. 457, L. 2015.)

     History: En. Sec. 9, Ch. 457, L. 2015.

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