AB554 revises the Grant Matching Account provisions in Nevada, ensuring uncommitted funds do not revert to the State General Fund.

AB554 amends the Nevada Grant Matching Account by ensuring that any money remaining in the account at the end of a fiscal year does not revert to the State General Fund. Instead, the balance must be carried forward to the next fiscal year. The bill also mandates that money received from grants, gifts, or donations must be accounted for separately and expended according to the terms of the gift, grant, or donation. This change applies to the fiscal year beginning July 1, 2025.

AB554 revises the Grant Matching Account provisions in Nevada, ensuring uncommitted funds do not revert to the State General Fund.

AB554 amends the Nevada Grant Matching Account by ensuring that any money remaining in the account at the end of a fiscal year does not revert to the State General Fund. Instead, the balance must be carried forward to the next fiscal year. The bill also mandates that money received from grants, gifts, or donations must be accounted for separately and expended according to the terms of the gift, grant, or donation. This change applies to the fiscal year beginning July 1, 2025.