Authority: IC 20-19-2-8; IC 20-49-6-7

Affected: IC 20-49-6

Sec. 4. (a) School corporations may annually petition for an advancement in an amount between $20,000 and an amount that does not exceed the amount as determined under the following formula:

1. STEP ONE: Determine the enrollment of the school corporation, as reported on the current Form DOE-PE.
2. STEP TWO: Divide the enrollment determined under STEP ONE by 25.
3. STEP THREE: Multiply the amount determined under STEP TWO by $500.

(b) If the total amount of all requests for advancements in any year is less than $5,000,000, the department may distribute the excess funds to school corporations that have indicated on the Form STAA-3 that its project will cost more than the amount determined under STEP THREE of the formula in subsection (a) of this section. The department shall allocate excess funds on a per pupil basis.

(c) If the total amount of all the requests for advancements in any year is greater than $5,000,000, the department shall rank the requests according to the adjusted assessed valuation per average daily attendance (AAV/ADA) of the school corporations. School corporations with low AAV/ADA rankings shall have priority.

(Indiana State Board of Education; 511 IAC 1-2.5-4; filed Mar 10, 1988, 4:18 pm: 11 IR 2621; readopted filed Oct 12, 2001, 12:55 p.m.: 25 IR 937; readopted filed Nov 20, 2007, 11:36 a.m.: 20071219-IR- 511070386RFA; readopted filed Dec 2, 2013, 3:26 p.m.: 20140101-IR-511130419RFA; readopted filed Dec 1, 2020, 1:48 p.m.: 20201230-IR-511200548RFA)