(a) An innovative school district may receive, control, and expend local and state funding for schools in its jurisdiction, and may seek, receive, expend, manage, and retain federal funding and grant funding and otherwise seek, obtain, expend, manage; and retain funding with the same authority as other LEAs.(b) Schools in an innovative school district may receive all appropriate allocations of federal funds as other LEAs under federal law or regulation, including, but not limited to, Title I, I DEA, and other ESEA funds. All funding allocations and disbursements must be made in accordance with procedures developed by the department of education.(c) An innovative school district may receive donations of money, property, or securities from any source for the benefit of the innovative school district and the schools in the innovative school district. All such funds must, in good faith, be disbursed in accordance with any conditions applicable to the gifts.(d) Alumni associations, foundations, and booster associations affiliated with a public university that is approved by the department of education to operate an innovative school district may donate, dedicate, or otherwise allocate funds received by the organization to one (1) or more schools in the innovative school district. A school in the innovative school district may receive supplemental revenue from organizations, including, but not limited to, alumni associations, foundations, parent-teacher associations, and booster associations, if the governing body of the respective organization recommends the expenditure of funds collected by the organization for the benefit of the school. Notwithstanding this part to the contrary, the president of a public university that is approved to operate an innovative school district may override any proposed donation, dedication, allocation, or expenditure of funds from one (1) or more of the organizations described in this subsection (d) for one (1) or more of the schools in the innovative school district, if the donation, dedication, allocation, or expenditure would violate a state or federal law or if the president determines that the donation, dedication, allocation, or expenditure is not in the best interest of the innovative school district.Added by 2024 Tenn. Acts, ch. 1053,s 1, eff. 5/28/2024, app. to the 2024-2025 school year and each school year thereafter.