1. (1) A student scholarship organization:

   1. (a) shall obligate at least 90% of its annual revenue from donations eligible for the tax credit under 15-30-3111 for scholarships. For the purpose of this calculation:

      1. (i) the cost of the annual fiscal review provided for in 15-30-3105(1)(b) may be paid out of the total donations before calculation of the 90% minimum obligation amount; and
      2. (ii) all donations 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 donation.
   2. (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;
   3. (c) shall provide scholarships to eligible students to attend instruction offered by a qualified education provider;
   4. (d) may not provide a scholarship to an eligible student for an academic year that exceeds the per-pupil average of total public school expenditures calculated in 20-9-570;
   5. (e) shall maintain separate accounts for scholarship funds and operating funds;
   6. (f) may transfer funds to another student scholarship organization;
   7. (g) shall maintain an application process under which scholarship applications are accepted, reviewed, approved, and denied; and
   8. (h) shall comply with payment and reporting requirements in accordance with 15-30-3104 and 15-30-3105.
2. (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, 2029--sec. 20, Ch. 480, L. 2021, sec. 7, Ch. 558, L. 2023.)

History: En. Sec. 9, Ch. 457, L. 2015; amd. Sec. 3, Ch. 480, L. 2021.