(1) The state charter school institute is authorized to receive and expend gifts, grants, and donations of any kind from any public or private entity to carry out the purposes of this part 5, subject to the terms and conditions under which given; except that no gift, grant, or donation shall be accepted if the conditions attached thereto require the use or expenditure thereof in a manner contrary to law. Any gifts, grants, or donations received pursuant to this subsection (1) shall be transmitted to the state treasurer who shall credit the same to the state charter school institute fund, hereinafter referred to as the "fund", which fund is hereby created in the state treasury. Moneys in the fund are continuously appropriated to the institute, to offset the actual and reasonable costs incurred by the institute in implementing this part 5. All investment earningsderived from the deposit and investment of the moneys in the fund shall be credited to the fund. Any unexpended and unencumbered moneys remaining in the fund at the end of any fiscal year shall remain in the fund and shall not be transferred to the general fund or any other fund.

(2) (a) The institute shall not be obligated to commence operations necessary to receive applications, until such time as there is at least fifty thousand dollars in the fund, whether received from gifts, grants, donations, or other sources.

(b) The institute shall not be obligated to commence review of applications actually received, until such time as the balance in the fund reaches at least one hundred fifty thousand dollars, whether received from gifts, grants, donations, or other sources.

(3) The state charter school institute shall create in the fund a school food authority account, and any moneys received by the state charter school institute as a result of its operations as a school food authority shall be credited to the school food authority account. Any moneys credited to the school food authority account are continuously appropriated to the state charter school institute to offset the costs incurred in operating as a school food authority.

(4) (a) The state charter school institute shall create in the fund an account for payment of the institute's administrative overhead costs, as defined in section 22-30.5-513 (1)(h), which account consists solely of moneys retained by the institute from the institute charter schools' adjusted per pupil revenues and per pupil online funding pursuant to section 22-30.5-513 (4)(a)(I.5)(E). Except as otherwise provided in paragraph (b) of this subsection (4), at the end of a budget year, if the amount of unexpended and unencumbered moneys remaining in the account exceeds twenty percent of the amount retained by the institution pursuant to section 22-30.5-513 (4)(a)(I.5)(E) for the applicable budget year, the institute shall transfer the amount of the excess to the institute charter school assistance fund created in section 22-30.5-515.5.

(b) The institute board may adopt a formula to annually adjust the percentage limit on the fund balance specified in paragraph (a) of this subsection (4) by multiplying the total pupil enrollment for institute charter schools in the preceding budget year by a per pupil dollar amount set annually by the institute board in collaboration with a council of institute charter schools.