NAC387.765. Compliance with accounting principles; use of chart of accounts; maintenance of money in banks, credit unions or savings and loan associations.

A charter school or university school for profoundly gifted pupils shall:

     1. Comply with generally accepted accounting principles.

     2. Use the chart of accounts prescribed by the Department.

     3. Maintain all money received by the charter school or university school for profoundly gifted pupils from this State and from the board of trustees of a school district in:

     (a) A bank in this State whose deposits are insured by the Federal Deposit Insurance Corporation;

     (b) A credit union in this State whose deposits are insured by the National Credit Union Share Insurance Fund or by a private insurer approved pursuant to NRS 678.755; or

     (c) A savings and loan association in this State whose deposits, if made by the State, a charter school or a university school for profoundly gifted pupils or an agency of either, are insured by the Federal Deposit Insurance Corporation, or the legal successor of the Federal Deposit Insurance Corporation.

     4. No expenditures from an account may be made in excess of the balance of the account.

     (Added to NAC by Bd. of Education by R026-09, eff. 10-27-2009)