Idaho Code 33-5409 – College Savings Fund
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(1) There is hereby created in the state treasury the "College Savings Fund" to which shall be credited:
(a) Administrative fees and service charges in connection with any agreement, contract or transaction related to the college savings program;
(b) Fees and charges collected to cover costs associated with the powers and duties of the board as required in section 33-5402, Idaho Code;
(c) Interest earned on the investment of idle moneys in the fund, which shall be paid to the fund; and
(d) All other moneys as may be provided by law.
(2) Moneys in the fund shall be continuously appropriated to the board, and any moneys remaining in the fund at the end of each fiscal year shall not be appropriated to any other fund.
Terms Used In Idaho Code 33-5409
- Board: means the state college savings program board created in section 33-5402, Idaho Code. See Idaho Code 33-5401
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Oversight: Committee review of the activities of a Federal agency or program.
- Program: means one (1) or more college savings programs established under this chapter. See Idaho Code 33-5401
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
(3) Moneys in the fund shall only be used to effect the purposes of this chapter, pursuant to the provisions as prescribed herein. The office of a board member is authorized to receive a portion of the moneys approved by the board to defray costs associated with the implementation, administration and oversight of the college savings program, including the administrative activities delegated pursuant to section 33-5403, Idaho Code.