Adley (SB 460) Act No. 467
Prior law provided that schools participating in the Student Scholarships for Educational
Excellence Program must submit to the state Department of Education an independent
financial audit of the school.
New law retains prior law except to require that schools account for all scholarship funds
separately from other funds by maintaining funds in a separate account or by using
accounting procedures that allow the legislative auditor to identify the separate funds.
Prior law authorized the legislative auditor to perform audits on quasi public agencies or
bodies.
Prior law provided that a quasi public agency or body is defined as any not-for-profit
organization that receives or expends any local or state assistance in any fiscal year but does
not include guarantees, membership dues, vendor contracts for goods and services related
to administrative support for a local or state assistance program, assistance to private or
parochial schools, assistance to private colleges and universities, or benefits to individuals.
New law retains prior law but includes private or parochial schools participating in the
Student Scholarships for Educational Excellence Program as organizations that receive and
expend local or state assistance in any fiscal year.
Effective August 1, 2014.
(Amends R.S. 17:4022(3) and R.S. 24:513(A)(1)(b)(iv))