511 IAC 1-2.5-4 Formula for advancement

Sec. 4. (a) School corporations may annually petition for an advancement in an amount between $20,000 and an amount that does not exceed the amount as determined under the following formula: STEP ONE: Determine the enrollment of the school corporation, as reported on the current Form DOE-PE. STEP TWO: Divide the enrollment determined under STEP ONE by 25. STEP THREE: Multiply the amount determined under STEP TWO by $500. (b) If the total amount of all requests for advancements in any year is less than $5,000,000, the department may distribute the excess funds to school corporations that have indicated on the Form STAA-3 that its project will cost more than the amount determined under STEP THREE of the formula in subsection (a) of this section. The department shall allocate excess funds on a per pupil basis. (c) If the total amount of all the requests for advancements in any year is greater than $5,000,000, the department shall rank the requests according to the adjusted assessed valuation per average daily attendance (AAV/ADA) of the school corporations. School corporations with low AAV/ADA rankings shall have priority.