Custody and Expenditure of Funds

Such funds as are received shall be deposited into a fund as established by the public corporation and known as the Foundation for Public Education Fund (the Fund). Expenditures shall be made from the Fund in accordance with such conditions as may be attached to the private gifts, donations, endowments, services in-kind, and grants. No more than ten percent (10%) of the total corpus of the Fund shall be utilized for administrative costs.