Your funds will continue to be your own, deposited in your account, and spent as you wish (within your stated mission). You can't state your mission as supporting the school and then decide to spend the money on, for example, endangered animals.

Activity funds are all those moneys raised under the school's umbrella: cheerleaders, chess club, sales of theatre tickets for school performances, senior prom committee, fundraisers owned by the principal, after school clubs, etc. When you think about it - that's a lot of money each year and there's danger of accountability issues. You don't want teachers/sponsors/club presidents holding money or setting up bank accounts. Thus the state enforces responsibility on the schools to establish rules and act as trustee of the funds. (And no - it doesn't just go into one big pot - it's earmarked for the group that raised it.)

On the PTO funds (school support group funds), there's some additional accountability in that you need to coordinate fundraisers with the school and provide some year-end reporting. But it's still yours. Note - you do lose the ability for a school employee to be a treasurer or a signer on the account.

One point they do seem to be making is that concession sales by default belong to the school - with principal being able to authorize school support groups to run them. (I think this was an area the amendment tweaked.) I imagine this is especially geared towards big concessins, like football games.

All in all, I think it's some good legislation.