Texas Education Code 54.642 – Reports
(a) Not later than December 1 of each year, the board shall submit to the governor, lieutenant governor, speaker of the house of representatives, Legislative Budget Board, Legislative Audit Committee, and Texas Higher Education Coordinating Board a report including:
(1) the board’s fiscal transactions during the preceding fiscal year;
(2) the market and book value of the fund as of the end of the preceding fiscal year;
(3) the asset allocations of the fund expressed in percentages of stocks, fixed income, cash, or other financial investments;
(4) the rate of return on the investment of the fund’s assets during the preceding fiscal year; and
(5) an actuarial valuation of the assets and liabilities of the program, including the extent to which the program’s liabilities are unfunded.
(b) The board shall make the report described by Subsection (a) available to purchasers of prepaid tuition contracts.
Terms Used In Texas Education Code 54.642
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) The board shall include in the report described by Subsection (a):
(1) complete prepaid tuition contract sales information, including projected enrollments of beneficiaries at institutions of higher education; and
(2) the information maintained by the board under § 54.777.