Interscholastic Sports Fund

There is hereby created, separate and apart from all other funds of the government of Guam, a fund known as the Interscholastic Sports Fund

(Fund)into which shall be deposited all fees collected from the commercial leasing of advertising space at Department of Education sports facilities, and other monies deemed appropriated by the Department of Education.

(a)Same: Administration. The Fund shall be administered by the Department of Education and shall not be commingled with the General Fund or any other fund of the government of Guam. The Fund shall be maintained in a separate bank account and monies deposited therein shall not be subject to I Maga'lahen Guåhan's transfer authority. The Department of Education is authorized to accept for the Fund gifts, bequests, donations and other kinds of contributions for the purposes of the Fund.

(b)Same: Expenditures. Expenditures from the Fund shall be made exclusively for the purpose of supplementing the costs associated with operating the Department of Education interscholastic sports programs. The Department of Education may transfer from the Interscholastic Sports Fund to the Department of Public Works such funds as are necessary to fund in whole or in part interscholastic bus transportation.

(c)Same: Distribution of the Interscholastic Sports Fund. Elementary schools of GDOE may participate in the solicitation of commercial advertising in their respective schools, as provided through the Interscholastic Sports Fund Act. However, because the interscholastic sports program exists in the middle and high school levels only, the elementary school that solicits and receives monies for commercial advertising shall deposit all funds into the Interscholastic Sports Fund. The Department of Education shall transfer forty percent (40%) of the total sum of any fees, COL 8/23/2023 CH. 7 PHYSICAL PLANT monetary gifts, donations or contributions collected or derived from the commercial leasing of any part of the facilities for advertising, or other such purposes of an elementary school, into I Salappe’ Facilidat account of that respective elementary school. The remaining sixty percent (60%) will remain in the Interscholastic Sports Fund to support interscholastic sports programs. Funds transferred to I Salappe’ Facilidat accounts of a respective elementary school pursuant to this Subsection shall be expended in accordance with the provisions of Title 17 GCA, § 1704, as enacted through Public Law Number 23-67. The distribution of advertising funds for both middle schools and high schools will be as follows: sixty percent (60%) will remain in the Interscholastic Sports Fund and forty percent (40%) will be retained at the school for its respective sports programs.

(d)Same: Annual Financial Report. Within sixty

(60)days after the closing of each fiscal year, the administrator or authorized custodian of the Interscholastic Sports Fund shall transmit to the Board and the Superintendent of the Department of Education an annual report of the expenditures of the Fund, including, but not limited to, a balance sheet, a statement of receipts and expenses, and a general description of the income sources of the Fund and the expenses thereof.