1. The Nevada Childrens Gift Revolving Account is hereby created. All money in the Nevada Childrens Gift Revolving Account must be deposited in a financial institution qualified to receive deposits of public money and must be secured with a depository bond that is satisfactory to the State Board of Examiners, unless it is otherwise secured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or a private insurer approved pursuant to NRS 672.755 . 2. The money in the Nevada Childrens Gift Revolving Account may be distributed by the Division to foster parents, upon request, on the basis of need, to pay the costs associated with participation by a child in foster care in intramural, recreational, social, school and sports-related activities, including, without limitation, uniforms and equipment, the rental of musical instruments, registration fees and art lessons. 3. All requests for distributions of money from the Nevada Childrens Gift Revolving Account must be made to the Division in writing. The person making the request must demonstrate that all other resources for money to pay for the activity have been exhausted. 4. The Division shall develop policies for the administration of this section. 5. Purchases made by the Division pursuant to this section are exempt from the provisions of the State Purchasing Act. 6. The balance in the Nevada Childrens Gift Revolving Account must be carried forward at the end of each fiscal year.
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