Six requirements govern how the organizations run
What the document says“such organization spends not less than 90 percent of the income of the organization on scholarships for eligible students,”
The section requires the organization to give scholarships to ten or more students who do not all attend the same school, to spend at least 90 percent of its income on scholarships for eligible students, not to fund anything but qualified elementary or secondary education expenses, to give priority first to students awarded a scholarship the previous school year and then to eligible students with a sibling awarded one, not to earmark contributions for a particular student, and to verify household income and family size and keep awards within the income limit. It may not award a scholarship to a disqualified person, worked out under rules similar to section 4946.
What the document actually says“such organization spends not less than 90 percent of the income of the organization on scholarships for eligible students,”
The group must spend at least 90 percent of its income on scholarships. Those go to students who qualify.
It must help ten or more students at more than one school. It must put last year's holders first. It may not set money aside for one named child.
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