NY S07215

Authorizes institutions providing special education services to preschool children with handicapping conditions to retain annual surplus funds, effective school year 2023-2024 and thereafter

Limits annual retained funds to no more than 1 percent of the institution's total allowable and reimbursable costs, with a maximum accumulated balance cap of 4 percent

Retained funds are not recoverable on reconciliation and carry forward as reimbursable costs for calculating future tuition rates

Requires institutions to use retained funds only for purposes authorized by the governing board as allowable costs, with an exception permitting use to pay prior year outstanding debts

Mandates annual reporting by institutions on retained fund balances, prior year retentions and disbursements, and required financial reports to the department