(1) "Administrator" means any superintendent or assistant superintendent or his or her equivalent, school district treasurer, business manager, or other individual directly responsible for entity-wide purchasing;

(2) "Board" means a local school district board of directors or other governing body of a public educational entity;

(3) "Board member" means any board member, director, or other member of a governing body of a public educational entity;

(4) "Board of Education" means the State Board of Education;

(5) "Commissioner" means the Commissioner of Education or his or her designee;

(6) "Commodities" means all supplies, goods, material, equipment, computers, software, machinery, facilities, personal property, and services, other than personal and professional services, purchased for or on behalf of a public educational entity;

(7) "Contract" means any transaction or agreement for the purchase, lease, transfer, or use of real property or personal property and personal or professional services of an independent contractor, including, but not limited to, motor vehicles, equipment, commodities, materials, services, computers or other electronics, construction, capital improvements, deposits, and investments;

(8) "Directly" or "directly interested" means receiving compensation or other benefits personally or to an individual's household from the person, business, or entity contracting with the public educational entity;

(9) "Emergency purchase" means purchases mandated by unforeseen and unavoidable circumstances in which human life, health, or public property is in immediate jeopardy and the expenditure is necessary to preserve life, health, or public property;

(10) "Employee" means a full-time employee or part-time employee of a public educational entity;

(11) "Employment contract" means an agreement or contract between an employer and an employee in which the terms and conditions of the employment are provided;

(12) "Family" or "family members" means:

(A) An individual's spouse;

(B) Children of the individual or children of the individual's spouse;

(C) The spouse of a child of the individual or the spouse of a child of the individual's spouse;

(D) Parents of the individual or parents of the individual's spouse;

(E) Brothers and sisters of the individual or brothers and sisters of the individual's spouse;

(F) Anyone living or residing in the same residence or household with the individual or in the same residence or household with the individual's spouse; or

(G) Anyone acting or serving as an agent of the individual or as an agent of the individual's spouse;

(13) (A) "Financial interest" in a business or other entity means:

(i) Ownership of more than a five percent (5%) interest;

(ii) Holding a position as an officer, director, trustee, partner, or other top level management; or

(iii) Being an employee, agent, independent contractor, or having any other arrangement in which the individual's compensation is based in whole or in part on transactions with the public educational entity.

(B) "Financial interest" does not include:

(i) The ownership of stock or other equity holdings in any publicly held company; or

(ii) Clerical or other similar hourly compensated employees;

(14) "Gratuity" means a payment, loan, subscription, advance, deposit of money, travel, services, or anything having a present market value of one hundred dollars ($100) or more unless consideration of substantially equal or greater value is received;

(15) "Indirectly" or "indirectly interested" means that a family member, business, or other entity in which the individual or a family member has a financial interest will receive compensation or benefits;

(16) "Initially employed" means:

(A) Employed in either an interim or permanent position for the first time or following a severance in employment with the school district; or

(B) A change in the terms and conditions of an existing contract, excluding:

(i) Any renewal of a teacher contract under § 6-17-1506;

(ii) Renewal of the contract of an employee in a nonlicensed personnel position that is required by law; or

(iii) Movement of an employee on the salary schedule that does not require board action; and

(17)

(A) "Public educational entity" means Arkansas public school districts, charter schools, education service cooperatives, or any publicly supported entity having supervision over public educational entities.

(B) "Public educational entity" does not include institutions of higher education.