460 IAC 2-4-33 - Set-aside funds
Authority: IC 12-9-2-3
Affected: IC 12-12-5; 20 U.S.C. 107
Sec. 33.
(a) Operator-assessed set-aside funds accrue for use in the BEP for only the following purposes:
(1) The maintenance and replacement of equipment.
(2) The purchase of new equipment.
(3) Management services, including administrative costs of the Indiana elected committee of licensed managers.
(4) Assuring a fair minimum return to licensed managers.
(5) The establishment and maintenance of retirement or pension funds, health insurance contributions, and provision for paid sick leave and vacation time if a majority vote of managers licensed by the state licensing agency determines that funds should be set aside for such purposes.
(b) Every operator of a BEP facility, including licensed managers, manager trainees, and temporary operators, must set aside a portion of the net proceeds from the operator's assigned BEP facility or facilities in accordance with the following:
(1) The percentage of net proceeds to be set aside will be determined and reviewed annually by the state licensing agency with the active participation of the Indiana elected committee of licensed managers in accordance with 34 CFR 395.9.
(2) The percent of net proceeds required to be set aside will be based on the estimated amount of revenue needed by the state licensing agency to fund only the following:
(A) The maintenance and replacement of equipment.
(B) The purchase of new equipment, subject, however, to the requirement that the state licensing agency will use funds from the office of vocational rehabilitation to purchase new equipment whenever possible.
(C) Management services performed by the state licensing agency.
(D) Assuring a fair minimum return to licensed managers.
(E) The establishment and maintenance of retirement or pension funds, health insurance contributions, and provision for paid sick leave and vacation time if a majority vote of managers licensed by the state licensing agency determines that funds should be set aside for the purposes set out in this clause.
(3) The percentage determined in subdivision (2) shall become effective upon:
(A) approval by the Secretary of the United States Department of Education; and
(B) written notification to all operators of the approval by the Secretary of the United States Department of Education.
(4) The percentage approved under this subsection will remain in effect until changed in accordance with this section.
(c) Each operator shall pay the approved set-aside to the state licensing agency for any given month by the fifteenth of the following month, if assessed in accordance with this section.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.