Terms Used In Idaho Code > Title 33 > Chapter 54 - College Savings Program

• Account: means an individual trust account or savings account established as prescribed in this chapter. See Idaho Code 33-5401
• Account owner: means the person or state or local government organization designated in the agreement governing the account as having the right to withdraw moneys from the account before the account is disbursed to or for the benefit of the designated beneficiary. See Idaho Code 33-5401
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• 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.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Financial institution: means any state bank, national bank, savings bank, savings and loan association, credit union, insurance company, brokerage firm, trust company, mutual fund, investment firm or other similar entity that is authorized to do business in this state. See Idaho Code 33-5401
• 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.
• Month: means a calendar month, unless otherwise expressed. See Idaho Code 73-114
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Nonqualified withdrawal: means a withdrawal from an account that is subject to additional tax arising from the withdrawal under the Internal Revenue Code, as defined in section 63-3004, Idaho Code. See Idaho Code 33-5401
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual, a trust, an estate, a partnership, an association, a foundation, a guardianship, a corporation, or a custodian under the Idaho uniform transfers to minors act. See Idaho Code 33-5401
• President pro tempore: A constitutionally recognized officer of the Senate who presides over the chamber in the absence of the Vice President. The President Pro Tempore (or, "president for a time") is elected by the Senate and is, by custom, the Senator of the majority party with the longest record of continuous service.
• Program: means one (1) or more college savings programs established under this chapter. See Idaho Code 33-5401
• Qualified withdrawal: means a withdrawal from an account used for qualified higher education expenses of the designated beneficiary of the account, but only if the withdrawal is made in accordance with this chapter. See Idaho Code 33-5401
• Quorum: The number of legislators that must be present to do business.
• 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
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}