Indiana § 20-40-2-6 - Transfers from education fund to operations fund; transfer target percentage; excessive education fund transfer list

§ 20-40-2-6. Transfers from education fund to operations fund; transfer target percentage; excessive education fund transfer list

Sec. 6. (a) Each school corporation and, if applicable, charter school, shall make every reasonable effort to transfer not more than fifteen percent (15%) of the total revenue deposited in the school corporation's or, if applicable, charter school's, education fund from the school corporation's or, if applicable, charter school's, education fund to the school corporation's or, if applicable, charter school's, operations fund during a calendar year.

(b) Only after the transfer is authorized by the governing body in a public meeting with public notice, money in the education fund may be transferred to the operations fund to cover expenditures that are not allocated to student instruction and learning under IC 20-42.5 or related to the cost of providing curricular materials. The amount transferred from the education fund to the operations fund shall be reported by the school corporation or, if applicable, charter school, to the department. The transfers made during the:

(1) first six (6) months of each state fiscal year shall be reported before January 31 of the following year; and

(2) last six (6) months of each state fiscal year shall be reported before July 31 of that year.

(c) The report must include information as required by the department and in the form required by the department.

(d) The department must post the report submitted under subsection (b) on the department's website.

(e) Beginning in 2020, the department shall track for each school corporation or, if applicable, charter school, transfers from the school corporation's or, if applicable, charter school's, education fund to its operations fund for the preceding six (6) month period. Beginning in 2021, before March 1 of each year, the department shall compile an excessive education fund transfer list comprised of all school corporations or, if applicable, charter schools, that transferred more than fifteen percent (15%) of the total revenue deposited in the school corporation's or, if applicable, charter school's, education fund from the school corporation's or, if applicable, charter school's, education fund to the school corporation's or, if applicable, charter school's, operations fund during the immediately preceding calendar year. A school corporation or, if applicable, charter school, that is not included on the excessive education fund transfer list is considered to have met the education fund transfer target percentage for the immediately preceding calendar year.

As added by P.L.244-2017, SEC.71. Amended by P.L.161-2019, SEC.5; P.L.139-2022, SEC.19; P.L.201-2023, SEC.183; P.L.136-2024, SEC.47.