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AB 554

Revises provisions relating to the Grant Matching Account. (BDR 18-1227)

2025 Regular Session

AB 554 keeps unused Grant Matching Account funds, carrying them forward to the next fiscal year instead of reverting to the General Fund, sustaining future grant matches.

Chapter 264.
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Bill Summary · AB 554

AB 554 (BDR 18-1227) — Grant Matching Account (Practical summary)

Sponsor: Committee on Ways and Means
Introduced: February 11, 2025
Subject: Financial administration — Grant Matching Account (NRS 223.492)
Short title: Revises provisions relating to the Grant Matching Account (first reprint / Amendment No. 818)

Main purpose

AB 554 changes how money in the Nevada Grant Matching Account is treated at the end of a fiscal year. Instead of reverting unspent balances to the State General Fund, the bill requires that any remaining balance be carried forward to the next fiscal year, preserving funds for future grant-matching needs.

Key provisions

  • Revises NRS 223.492 to require that any money remaining in the Grant Matching Account at the end of a fiscal year does NOT revert to the State General Fund and that the balance must be carried forward into the next fiscal year.
  • Confirms sources that must be deposited to the Account:
    • Direct legislative appropriations to the Account;
    • Transfers from the Abandoned Property Trust Account (NRS 120A.620);
    • Grants, gifts, or donations to the Account.
  • Requires interest and income earned on Account money be credited to the Account.
  • Requires that all money received from grants, gifts, or donations:
    • Be accounted for separately within the Account; and
    • Be expended in accordance with the specific terms of the gift, grant, or donation.
  • Removes the prior requirement (in prior law) that uncommitted balances revert by June 30 of an odd-numbered fiscal year.
  • Effective date: as amended, the act becomes effective upon passage and approval.

Who is affected

  • Office of Federal Assistance in the Office of the Governor: continues to administer the Grant Matching Account and will carry forward balances.
  • State agencies, local agencies, tribal governments, and nonprofits that receive grant-matching assistance: greater certainty that matching funds will be available in subsequent years.
  • State budgeting process: reduces automatic reversion of these funds into the General Fund, preserving them for their intended matching purpose.

Fiscal and administrative impact

  • Fiscal note included: no effect on the State or local government indicated.
  • Administrative effect: the Office must continue separate accounting for gifts/grants and ensure expenditures follow donor/grantor terms; carryforward tracking is required.

Legislative timeline / status (key dates)

  • Introduced: Feb 11, 2025.
  • Assembly amendments and reprints (including Amendment No. 818) adopted in May 2025.
  • Enrolled and delivered to the Governor: June 1, 2025.
  • Enrolled/Chapter reference: Chapter 264 (first reprint / enrolled documents indicate enactment; Sec. 2 states effective upon passage and approval).
  • Note: Some legislative action entries list both a Governor’s approval (June 5, 2025) and a later entry indicating a veto (Oct 13, 2025). If final legal status is needed, consult the official Nevada Legislature or Secretary of State website to confirm whether the bill was enacted or vetoed.

Practical effect

AB 554 preserves and stabilizes the Grant Matching Account as a multi-year resource for meeting federal grant match requirements, ensuring appropriated and donated matching funds remain available beyond a single fiscal year and are spent consistent with donor/grant conditions.

Compiled from official sources — confirm details with the bill’s official record.

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