Iowa Administrative Code › Agency 281 - Education Department › Title XVI - School Facilities › Chapter 98 - Supplementary Weighting › Rule 281-98.71 - Entrepreneurial Education Fund

Current through Register Vol. 47, No. 3, July 24, 2024
The entrepreneurial education fund is used to enhance student
				  learning by encouraging students to develop and practice entrepreneurial skills
				  at an early age and to foster a business-ready workforce in this state. A
				  school corporation may establish an entrepreneurial education fund at the
				  request of a student organization or club and upon approval by the school
				  board.
(1)
Sources of revenue
				in the entrepreneurial education fund.
Sources of revenue in the
				entrepreneurial education fund consist only of moneys earned through
				entrepreneurial activities or returns on investments made for entrepreneurial
				purposes by the student organization or club, private donations and private
				contributions, and any interest earned on such moneys that are deposited in the
				fund. At the request of a student organization or club and upon approval by the
				school board, a school corporation will transfer moneys in a student activity
				fund established under Iowa Code section
				298A.8, for deposit by the
				student organization or club in an entrepreneurial education fund. However, a
				school corporation will not transfer such moneys unless the moneys are
				attributable through appropriate documentation to the specific student
				organization or club and unless the student organization or club shows through
				appropriate documentation that the student organization or club earned the
				moneys through entrepreneurial activities of starting, maintaining, or
				expanding a business venture, including a seasonal business venture, or
				rendering other labor or services in return for compensation. Entrepreneurial
				activities do not include charitable contributions or other donations or gifts
				received by the student organization or club for which no labor or services are
				rendered.
(2)
Appropriate
				uses of the entrepreneurial education fund.
Appropriate uses of the
				entrepreneurial education fund are limited to expending only for investments
				made, or activities undertaken, for board-approved entrepreneurial purposes
				that include investing in a start-up company, early-stage company, or existing
				company developing a new product or new technology if the investment is in
				keeping with the education program of the school corporation; if the student
				organization or club or its members will, as a stated condition of the
				investment, take an active role in the company which active role directly
				relates to and furthers the educational purposes for which the student
				organization or club is established; and if a reasonable return upon the
				investment is expected.
(3)
Inappropriate uses of the entrepreneurial education fund.
A
				student organization or club will not invest moneys from an entrepreneurial
				education fund for an entrepreneurial purpose in which a member of the student
				organization or club, an advisor or supervisor of the student organization or
				club, or an immediate family member of such persons, has a financial
				interest.
(4)
Fund
				closure.
An entrepreneurial education fund may be closed at the
				request of the student organization or club for which the school corporation
				established the fund. All moneys in the fund on the date of closure and any
				subsequent return on an investment made with moneys from the fund will be
				deposited in the school district's student activity fund.