South Carolina Code of Regulations
Chapter 19 - STATE BUDGET AND CONTROL BOARD
Article 12 - THE SOUTH CAROLINA TUITION PREPAYMENT PROGRAM REGULATIONS
Section 19-1225 - The Fund
Universal Citation: SC Code Regs 19-1225
Current through Register Vol. 48, No. 3, March 22, 2024
A. Scope and Purpose: This regulation sets forth the policies and procedures governing the administration of the Fund.
B. Fund Composition:
1. The Fund is created as a
nonpublic special, revolving fund and established and maintained by the State
of South Carolina.
2. The Fund
shall consist of monies received from contributors, state appropriations, other
monies acquired from governmental and private sources, and earnings from the
investments of the Fund.
C. Rules for Usage of the Fund:
1. The Fund shall be expended only for the
purposes of Title 59, Chapter 4 of the South Carolina Code of Laws,
1976.
2. Interest in the Fund or
any portion of the Fund shall not be used as security for a loan. An attempt to
use the Fund, a tuition prepayment contract, or a portion of either as security
for a loan is void.
3. The earnings
from Fund investments become a part of the Fund and shall be expended only for
the purposes of Title 59, Chapter 4 of the South Carolina Code of Laws,
1976.
D. Management of the Fund:
1. The Fund shall be invested as
directed by the Board.
2. The Board
is responsible for the investment policies of the Fund which may be invested in
any manner authorized by law.
3.
The custody and management of the Fund shall be directed by the Board, which
may develop any mechanism it sees fit to seek advisement relative to the
investment of the assets of the Fund.
4. Separate accountings shall be maintained
for each designated beneficiary.
5.
A contributor or designated beneficiary may not direct the investment of
contributions to the Program or earnings on the Program.
Disclaimer: These regulations may not be the most recent version. South Carolina may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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