2011 Arizona Revised Statutes
Title 15 Education
15-2403 Empowerment scholarship accounts; administration; audit; rules

15-2403. Empowerment scholarship accounts; administration; audit; rules

A. The treasurer may contract with private financial management firms to manage Arizona empowerment scholarship accounts with the supervision of the treasurer.

B. The department shall conduct or contract for annual audits of a random sample of empowerment scholarship accounts to ensure compliance with section 15-2402, subsection B, paragraph 4. The department may also conduct or contract for audits of empowerment scholarship accounts as needed to ensure compliance with section 15-2402, subsection B, paragraph 4.

C. The department may remove any parent or qualified student from eligibility for an Arizona empowerment scholarship account and shall notify the treasurer. A parent may appeal the department's decision pursuant to title 41, chapter 6, article 10.

D. The department may refer cases of substantial misuse of monies to the attorney general for investigation if the department obtains evidence of fraudulent use of an account.

E. The treasurer may deduct up to three per cent of the amount of student state aid from each empowerment scholarship account for the costs of administering empowerment scholarship accounts under this chapter, including costs incurred by the department.

F. The department shall make quarterly transfers of the amount calculated pursuant to section 15-2402, subsection C to the treasurer for deposit into the empowerment scholarship account of each qualified student.

G. The department may adopt rules necessary for the administration of empowerment scholarship accounts.