Florida Statutes 1009.988 – Florida ABLE Program Trust Fund
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(1) The Florida ABLE Program Trust Fund is created within the State Board of Administration.
(2) The Florida ABLE Program Trust Fund shall consist of appropriations, moneys acquired from other governmental or private sources for the Florida ABLE program, and moneys remitted in accordance with participation agreements. Assets held in the trust fund may be expended only to carry out the purposes of the Florida ABLE program.
(a) Any balance in the trust fund at the end of a fiscal year shall remain in the trust fund and shall be available for carrying out the purpose of the Florida ABLE program. Assets held in the trust fund are exempt from the investment requirements of s. 17.57 and may be invested pursuant to s. 215.47.
Terms Used In Florida Statutes 1009.988
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(b) Assets held in the trust fund shall be maintained, invested, and expended solely for the purposes of the Florida ABLE program and may not be loaned, transferred, or otherwise used by the state for any purpose other than the Florida ABLE program. This paragraph does not prohibit Florida ABLE, Inc., from investing in, by purchase or otherwise, bonds, notes, or other obligations of the state or an agency or instrumentality of the state. Unless otherwise specified by Florida ABLE, Inc., assets held in the trust fund shall be expended in the priority of making payments to, or on behalf of, designated beneficiaries, and then paying for the costs of administration and operations for the Florida ABLE program.