Colorado Revised Statutes Title 22. Education § 22-30.5-506. State charter school institute fund--created

(2)(a) The institute shall not be obligated to commence operations necessary to receive applications, until such time as there is at least fifty thousand dollars in the fund, whether received from gifts, grants, donations, or other sources.

(b) The institute shall not be obligated to commence review of applications actually received, until such time as the balance in the fund reaches at least one hundred fifty thousand dollars, whether received from gifts, grants, donations, or other sources.

(4)(a) The state charter school institute shall create in the fund an account for payment of the institute's administrative overhead costs, as defined in section 22-30.5-513(1)(h), which account consists solely of moneys retained by the institute from the institute charter schools' adjusted per pupil revenues and per pupil online funding pursuant to section 22-30.5-513(4)(a)(I.5)(E). Except as otherwise provided in paragraph (b) of this subsection (4), at the end of a budget year, if the amount of unexpended and unencumbered moneys remaining in the account exceeds twenty percent of the amount retained by the institution pursuant to section 22-30.5-513(4)(a)(I.5)(E) for the applicable budget year, the institute shall transfer the amount of the excess to the institute charter school assistance fund created in section 22-30.5-515.5.

(b) The institute board may adopt a formula to annually adjust the percentage limit on the fund balance specified in paragraph (a) of this subsection (4) by multiplying the total pupil enrollment for institute charter schools in the preceding budget year by a per pupil dollar amount set annually by the institute board in collaboration with a council of institute charter schools.