Arizona Revised Statutes Title 15. Education § 15-786. Acceptance of gifts or grants; fund; unexpended monies

A. The state board of education may accept gifts or grants of monies or property from public or private sources. The state board shall place the monies in a separate account designated as the career and technical education and vocational education fund.

B. If all or part of the monies accepted by the state board as provided in subsection A are not expended prior to the end of the fiscal year in which the gift or grant was accepted, the remaining balance of the amount remains in the career and technical education and vocational education fund until needed and does not revert to the state general fund at the close of the fiscal year.