On April 4th, the Missouri Department of Elementary and Secondary Education adopted regulations that enforce a new law enacted under Senate Bill 17, which was passed in 2013. The new law creates a scholarship and tax credit program for students with special needs. The newly adopted regulations govern scholarship granting organizations within the state and set forth the the licensing requirements and process to become a legally operating charitable organization.
The complete Code of State Regulations governing scholarship granting organizations can be found here.
Among the many new regulations is the requirement of scholarship granting organizations, who are willing to receive more than $50,000 in donations each year, to demonstrate financial viability by filing the following documents with the Department:
“(A) A surety bond payable to the state in an amount equal to the aggregate amount of contributions expected to be received during the school year; or
(B) Financial information that demonstrates the financial viability of the scholarship granting organizations including financial statements…”
The surety bond mentioned in the Code of State Regulations is to be posted with the Department of Economic Development in a minimum amount of $50,000.
The due date for filing your application to become a scholarship granting organization in Missouri is the November, 1 year prior to the school year in which you wish to grant scholarships. If you want to file an application, an online version can be found here.
The experts at SuretyBonds.com are familiar with this new surety bond requirement in Missouri and are ready to assist you with all of your bonding needs. If you have questions or are ready to purchase your bond, give us a call at 1 (800) 308-4358 or submit an online bond request. Our expert surety specialists will you walk you through each step of our fast, easy and accurate bonding process.