There are a couple of amendments that make a few changes, but posted below is the summary (before amendments). Note - the summary is much easier to absorb than the actual bill language. Visit Summary for SB2054 for all info, including amendments.

Important terms to note (I'm paraphrasing, see actual bill for complete definition):

[B]Activity funds[/B] - funds raised by student orgs, school employees, school activities - deposited in school activitiy accounts. (This is a standard practice already in place. For example, if the cheerleaders have a fundraiser, the sponsor cannot just hold the money - they have statewide rules to follow. The school is the trustee of all activity funds.)

[B]School support group funds[/B] - funds raised by independent organizations like PTO, Band booster, etc.

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[B][U]Bill Summary for SB2054 / *HB1467[/U][/B]

This bill prohibits school boards, school employees, or officials from authorizing any group or organization to use a school district's or school's name, mascot, logos, property, or facilities for the purpose of raising money until the local board of education for the LEA in which the district or school is located adopts a policy concerning local school support groups. For purposes of this bill, a local school support group is any PTA, PTO, or parent teacher support association, or any other foundation, booster club, or other nongovernmental organization whose primary purpose is to collect or receive money to support a school district, school, school club, or any athletic, performing arts, or academic activity related to a public school.

This bill specifies several minimum requirements for any local school support group policy. The most significant requirements include:

(1) The group must provide a copy of its by laws and proof of recognition as a nonprofit organization before initiating support, assistance or raising money;
(2) The group must operate within the applicable guidelines and standards set by any related state association;
(3) The group must obtain pre-approval from the director of schools for any fundraisers;
(4) The group must keep financial records for at least three years;
(5) School employees are not permitted to act as treasurer for a group; and
(6) A majority of the voting members of any group's board must not be school employees.

This bill requires that any school activity funds be turned over to a properly designated school official as school property; provided, however, this bill authorizes any LEA to authorize principals within the LEA to enter into an agreement with a local school support group to operate and collect money at a concession stand at school events so long as a non-school official is in charge of collecting and accounting any monies received. Any money collected from a concession stand operated by a local school support group would be considered school support group funds and not activity funds.

This bill prohibits a local school support group from:

(1) Using the school's or school district's sales tax exemption to purchase items;
(2) Representing that its activities or financial commitments are made on behalf of or binding upon any school or school district;
(3) Using school support group funds for a purpose other than ones related to supporting a school district, school, school club or school athletic, performing arts or academic activity; or
(4) Maintaining a bank account that bears the employer identification number of a board of education, school board, school, or any other governmental entity.

This bill requires any local school support group or any group or organization that raises money and represents itself as a school support group to be subject to audit by the office of the comptroller of the treasury.