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006.05.521-II. Scholarship Granting Organization Registration

AR ADC 006.05.521-IIArkansas Administrative CodeEffective: June 3, 2022

West's Arkansas Administrative Code
Title 006. Department of Finance and Administration
Division 05. Division of Revenues
Rule 521. Philanthropic Investment in Arkansas Kids Program Rules
Effective: June 3, 2022
Ark. Admin. Code 006.05.521-II
006.05.521-II. Scholarship Granting Organization Registration
Currentness
A. Prior to accepting Donor funds under the Act, a Scholarship Granting Organization shall notify the Division of its intent to provide educational scholarships to qualified students attending private school.
B. The Notification in II.A shall include:
1. The Division's Application Form on the Division's website;
2. Proof of exemption from federal income tax under 26 U.S.C. ยง 501(c)(3) of the Internal Revenue Code, as in effect on January 1, 2021; and
3. If the SGO expects to receive eligible contributions equal to or greater than fifty thousand dollars ($50,000) during the academic school year, documentation demonstrating financial viability before the start of the academic school year including either:
a. A surety bond payable to the State of Arkansas in an amount equal to the aggregate amount of eligible contributions the scholarship-granting organization expects to receive during the academic school year (minimum of $50,000); or
b. Financial information that demonstrates the financial viability of the scholarship-granting organization including a statement by a certified public accountant confirming that the SGO is insured and has sufficient capital or credit to operate in the upcoming school year.

Credits

Adopted June 3, 2022.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 006.05.521-II, AR ADC 006.05.521-II
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