Guam § 7108 - Interscholastic Sports Fund.

§ 7108. Interscholastic Sports Fund.

There is hereby created, separate and apart from all other

funds of the government of Guam, a fund known as the

Interscholastic Sports Fund (Fund) into which shall be deposited

all fees collected from the commercial leasing of advertising space

at Department of Education sports facilities, and other monies

deemed appropriated by the Department of Education.

(a) Same: Administration. The Fund shall be

administered by the Department of Education and shall not

be commingled with the General Fund or any other fund of

the government of Guam. The Fund shall be maintained in a

separate bank account and monies deposited therein shall not

be subject to I Maga'lahen Guåhan's transfer authority. The

Department of Education is authorized to accept for the Fund

gifts, bequests, donations and other kinds of contributions for

the purposes of the Fund.

(b) Same: Expenditures. Expenditures from the Fund

shall be made exclusively for the purpose of supplementing

the costs associated with operating the Department of

Education interscholastic sports programs. The Department

of Education may transfer from the Interscholastic Sports

Fund to the Department of Public Works such funds as are

necessary to fund in whole or in part interscholastic bus

transportation.

(c) Same: Distribution of the Interscholastic Sports

Fund. Elementary schools of GDOE may participate in the

solicitation of commercial advertising in their respective

schools, as provided through the Interscholastic Sports Fund

Act. However, because the interscholastic sports program

exists in the middle and high school levels only, the

elementary school that solicits and receives monies for

commercial advertising shall deposit all funds into the

Interscholastic Sports Fund. The Department of Education

shall transfer forty percent (40%) of the total sum of any fees,

monetary gifts, donations or contributions collected or

derived from the commercial leasing of any part of the

facilities for advertising, or other such purposes of an

elementary school, into I Salappe’ Facilidat account of that

respective elementary school. The remaining sixty percent

(60%) will remain in the Interscholastic Sports Fund to

support interscholastic sports programs. Funds transferred to

I Salappe’ Facilidat accounts of a respective elementary

school pursuant to this Subsection shall be expended in

accordance with the provisions of Title 17 GCA, § 1704, as

enacted through Public Law Number 23-67. The distribution

of advertising funds for both middle schools and high schools

will be as follows: sixty percent (60%) will remain in the

Interscholastic Sports Fund and forty percent (40%) will be

retained at the school for its respective sports programs.

(d) Same: Annual Financial Report. Within sixty (60)

days after the closing of each fiscal year, the administrator or

authorized custodian of the Interscholastic Sports Fund shall

transmit to the Board and the Superintendent of the

Department of Education an annual report of the

expenditures of the Fund, including, but not limited to, a

balance sheet, a statement of receipts and expenses, and a

general description of the income sources of the Fund and the

expenses thereof.