17 Guam Code Ann. § 50006
Terms Used In 17 Guam Code Ann. § 50006
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
(b) The Fund shall consist of a trust account and an operating account. The trust account shall include amounts received by the college savings program pursuant to tuition savings agreements, administrative charges, fees, all other amounts received by the program from other sources, and
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17 Guam Code Ann. EDUCATION
CH. 50 GUAM COLLEGE SAVINGS PROGRAM
interest and investment income earned by the Fund. The program manager, from time to time, shall make transfers from the trust account to the operating account for the immediate payment of obligations under tuition savings agreements, operating expenses, and administrative costs of the Guam College Savings Program.
(c) The program manager, as trustee, shall invest fund assets in securities that constitute legal investments under local laws relating to the investment of trust fund assets by trust companies. Trust fund assets shall be kept separate and shall not be commingled with other assets, except as provided in this Chapter. The program manager may enter into contracts to obtain for investment advice and management, custodial services, and other professional services regarding the administration and investment of program funds.
(d) The program manager shall administer the Fund, maintaining participant records and accounts and provide annual audit reports. The Commissioner may enter into contracts for administrative services, including reports.
(e) All administrative fees, costs, and expenses, including investment fees and expenses, shall be paid from the operating account of the Fund and, notwithstanding any other law to the contrary, may be made without appropriation or allotment.