(a) There is established in the Treasury of the Virgin Islands, a fund to be known as the Virgin Islands Education Initiative Fund (the “Fund”). The Commissioner of Finance shall provide for the administration of the Fund as a separate and distinct fund in the Treasury of the Virgin Islands.
(b) The Fund shall consist of all sums appropriated thereto by the Legislature of the Virgin Islands in the annual budget of the Department of Education, all donations, gifts and bequests.
(c) Monies in the Fund shall be dispersed by the Commissioner of Finance into an Imprest Fund Checking Account for each public school in the Virgin Islands pursuant to the following formula: Each public school shall be awarded a base amount of $50,000. Each public school shall receive an additional sum of $15 per student for every student enrolled over an enrollment of 500. In the event that one school district receives a larger sum than the other, the district receiving the smaller sum shall be awarded an additional sum, so that each district receives an equivalent sum. The additional sum received by the district shall be divided proportionately to the number of students in each school.
(d) The Principal of each school, or the next ranking Vice-Principal, shall be the sole authority empowered to write checks on the particular school's Imprest Fund Checking Account. Each Principal shall provide a monthly report detailing the amount, the nature, and a justification for each item of expenditure, in addition to receipts and other documentation.
(e) Any sum remaining in the Imprest Fund Checking Account at the end of fiscal year shall be returned to the Virgin Islands Education Initiative Fund for redistribution in the next fiscal year.
(f) The Virgin Islands Inspector General shall conduct an annual audit of each Imprest Fund Checking Account and shall issue a report of his findings to the Governor and the Legislature of the Virgin Islands.
(g) The Commissioner of Finance shall maintain a record of all monies deposited into and dispersed from the Fund and shall annually report to the Governor and the Legislature on the status of the Fund.