- (a) All charter school funds, including state foundation funding, other state funding, federal funding, and grants and private donations received directly by a charter school, shall be deposited into a bank account titled in the name of the charter school.
(b) Noncharter school funds of the sponsoring entity shall:
- (1) Be deposited in a separate bank account titled in the name of the sponsoring entity; and
- (2) Not be commingled with charter school funds.
(c) If the charter school operates an approved federal child nutrition program, food service revenues shall be deposited and managed as required by:
- (1) Federal law; and
(2) Any rules promulgated by the:
- (A) Division of Elementary and Secondary Education;
- (B) Child Nutrition Unit of the Division of Elementary and Secondary Education; or
- (C) Department of Human Services.
- (d) Charter schools may, but are not required to, secure bank accounts as detailed in Arkansas Code § 6-20-222.