A. Prior to expenditure of any monies granted to the state board of education by a private organization, the superintendent of public instruction shall present a plan governing the expenditure of such funds to the state board of education for approval.
B. Upon approval of the plan by the state board of education, the superintendent of public instruction may expend the private grants as provided in the plan.
C. Any funds granted to the state board of education as a private grant shall be exempt from the provisions of section 35-190, relating to lapsing of appropriations.