(a) The expenses of the Association are paid from the Interscholastic Athletic Fund, a special fund created to fund this chapter. An appropriation that the General Assembly makes to the Department for the Association must be allocated to this fund. This fund is interest bearing.
(b) The Association may receive state appropriations, federal moneys, membership dues, tournament revenues, fees, fines, official dues, merchandising and licensing revenue, interest, and event, professional development, and scholarship sponsorships.
(c) The Association may establish special fund accounts to track revenue. A special fund account must be interest bearing and may not subject to reversion. The Association is exempt from the state bid law.
(d) The Association may not operate an account outside of the state accounting system.
(e) The Interscholastic Athletic Fund or a special fund account under this section must be utilized to support the activities and operations of Delaware interscholastic athletics and may include the purchase of general liability insurance as it relates to the rental of non-state-owned venues for sponsored events, including tournaments.
(f) The expenditure of funds from the Interscholastic Athletic Fund must be in accordance with the Division of Accounting budget and accounting procedures.