Bill Text: NJ A1025 | 2010-2011 | Regular Session | Introduced
Bill Title: Provides incentive grants for school districts to establish educational foundations.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2010-01-12 - Introduced, Referred to Assembly Education Committee [A1025 Detail]
Download: New_Jersey-2010-A1025-Introduced.html
STATE OF NEW JERSEY
214th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2010 SESSION
Sponsored by:
Assemblyman JOSEPH R. MALONE, III
District 30 (Burlington, Mercer, Monmouth and Ocean)
SYNOPSIS
Provides incentive grants for school districts to establish educational foundations.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel
An Act establishing a grant program for public school districts for the creation of educational foundations and supplementing chapter 20 of Title 18A of the New Jersey Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. The Commissioner of Education shall establish a program to provide grants to school districts to finance the start-up costs incurred by a district in the creation of an educational foundation. A district which elects to participate in the grant program shall submit an application to the commissioner in such form as required by the commissioner. The application shall outline the district's plan for the establishment of the foundation, the specific purposes for which the foundation will be created, and manner in which the foundation will assist the district in its educational mission. Based upon the proposal, and within the limit of available appropriations, the commissioner shall allocate to each district a planning and start-up grant in an amount not to exceed $2500.
b. As used in this section, "educational foundation" means an entity established to operate exclusively for the financial and educational benefit of a school district. A foundation shall have the authority to receive contributions, accept, hold, invest, or administer any gifts, bequests, devises, benefits, trusts or any property of any kind for the use or benefit of the school district. Funds raised or received by a foundation shall not supplant the district's T&E program budget but shall be made available to the district to supplement its program and services.
2. This act shall take effect immediately and shall be retroactive to January 1, 1996.
STATEMENT
This bill directs the Commissioner of Education to establish a program to provide grants to school districts to finance the start-up costs incurred by a district in the creation of an educational foundation. The bill defines an educational foundation as an entity established to operate exclusively for the financial and educational benefit of a school district and which is authorized to receive contributions, and accept, invest, and administer any gifts, bequests, trusts, or property of any kind for the use or benefit of the district. Funds raised or received by a foundation, however, could not be used to supplant the district's T&E program budget, but would be made available to the district to supplement its programs and services.
A district which elects to participate in the program would submit an application to the commissioner which outlines the district's plan for the establishment of the foundation, the specific purpose for which the foundation will be created, and the manner in which the foundation will assist the district in its educational mission. Based upon the proposal, and within the limit of available appropriations, the commissioner is to allocate to each district a planning and start-up grant in an amount not to exceed $2500.
