| 1 | Representative(s) Pickens offered the following: |
| 2 |
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| 3 | Amendment to Amendment (092171) |
| 4 | Remove line(s) 713-715 and insert: |
| 5 | (k) With the prior approval of the Department of |
| 6 | Education, may transfer funds to another eligible nonprofit |
| 7 | scholarship-funding organization if additional funds are |
| 8 | required to meet scholarship demand at the receiving nonprofit |
| 9 | scholarship-funding organization. A transfer shall be limited to |
| 10 | the greater of $500,000 or 20 percent of the total contributions |
| 11 | received by the nonprofit scholarship-funding organization |
| 12 | making the transfer. All transferred funds must be deposited by |
| 13 | the receiving nonprofit scholarship-funding organization into |
| 14 | its scholarship accounts. All transferred amounts received by |
| 15 | any nonprofit scholarship-funding organization must be |
| 16 | separately disclosed in the annual financial and compliance |
| 17 | audit required in this section. |