(a) An Innovation in Education school is a public school in this state that applies to and is designated by the state board in accordance with this article as an Innovation in Education School with a principal focus in one of the following areas:

(1) Science, technology, engineering and math (STEM);

(2) Community school partnership;

(3) Entrepreneurship;

(4) Career pathways; and

(5) The arts.

(b) Nothing in this article prohibits an Innovation in Education school from incorporating more than one of the attributes of STEM education, community school partnerships, entrepreneurship, career pathways or the arts into its program design, notwithstanding the primary designation under which it applies or is subsequently designated.

(c) An Innovation in Education school:

(1) Shall provide a program of public education that includes one or more of the grade levels prekindergarten to grade twelve, including any associated post-secondary dual credit, advanced placement and industry or workforce credential programs;

(2) Shall design its educational program to meet or exceed the student performance standards required under section five, article two-e of this chapter and is subject to all student assessment, accreditation and federal accountability requirements applicable to other public schools in this state. However, nothing shall prohibit an Innovation in Education school from establishing additional student assessment measures or implementing competency-based course completion strategies that go beyond state requirements;

(3) Shall operate according to an Innovation in Education plan developed by the school’s principal and faculty with input from its local school improvement council, the county board, the county superintendent and, if the school is a high school, the students of the school;

(4) Shall, if designated by the state board as an Innovation in Education Demonstration School, host visits and tours of its facility and programs to provide information and an opportunity to observe any successful innovations which may be replicated in other schools. The school may require the payment of a fee to off-set the cost of hosting such visits and tours; and

(5) May solicit and accept gifts, donations or grants for school purposes from public or private sources in any manner that is available to a local school district and expend or use such gifts, donations or grants in accordance with the conditions prescribed by the donor except that a gift, donation or grant may not be accepted if subject to a condition that is contrary to any provision of law or term of the school’s Innovation in Education plan. Any monies received by an Innovation in Education school from any source remaining in the school’s accounts at the end of a fiscal year shall remain in its accounts for use during subsequent fiscal years.