Solvency Assistance Fund for Districts in Fiscal Emergency
This page describes the purpose of the Solvency Assistance Fund and its provisions as allowed for by Section 3316.20 of the Ohio Revised Code.
Purpose: "To provide assistance and grants to school district to enable them to remain solvent and to pay unforeseeable expenses of a temporary or emergency nature that they are unable to pay from existing resources."
S.B. 345 divided the fund into two accounts:
Shared Resource Account: Advances money to assist districts in Fiscal Emergency. Money advanced will be reimbursed by the end of the second fiscal year following the fiscal year in which the advance was made.
Catastrophic Expenditures Account: Grant money to districts that suffer an "unforeseen catastrophic event that severely depletes the district’s financial resources". The State Superintendent is to make recommendations for grants in accordance with rules adopted by OBM. Money granted from this account does not have to be paid back unless the district receives money from a third party.
Last Modified: 5/17/2013 11:18:46 AM