The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
15-204 - Acceptance of gifts and grants; gifts and grants fund; use; unexpended monies
15-204. Acceptance of gifts and grants; gifts and grants fund; use; unexpended monies
A. The state board of education may accept gifts or grants of monies or real or personal property from public and private organizations, if the purpose of the gift or grant specified by the donor is approved by the board and is within the scope of the board's powers and duties. There is established a fund for the placement of such monies which shall be designated as the gift and grant fund.
B. Any such monies received by the state board shall be placed in the appropriate gift and grant fund and expended for the purpose specified by the donor.
C. If all or part of the monies accepted by the board from a donor are not expended prior to the end of the fiscal year in which the gift or grant was accepted, the balance of the amount donated shall remain in the gift or grant fund until needed for the purpose specified by the donor.