NRS 353B.335 Establishment; availability of and accounting method for money in accounts; regulations; gifts, grants and donations; authority to transfer unaccessed or expired balances to Endowment Account.

337 words·~2 min read·/nv/chapter-353b-college-savings-programs/353b-335

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. The Board shall establish the Nevada College Kick Start Program to provide for the creation of an account for each pupil who is a resident of this State upon commencement of his or her enrollment in kindergarten at a public school in this State. Within the limits of money available for this purpose, the Board shall make money available to each such account to be used to pay a portion of the costs of higher education of the pupil. The Board shall determine the appropriate accounting method for the money in such an account, which must be in accordance with generally accepted accounting principles.

2. The Board shall adopt regulations for the implementation of the Program, including, without limitation, regulations regarding:

(a)Enrollment in the Program, including without limitation, opting in or opting out of the Program;

(b)Procedures for the parent or guardian of a pupil to access the account of the pupil created pursuant to subsection 1;

(c)The time within which the money in the account created pursuant to subsection 1 must be used; and

(d)Distributions from an account created pursuant to subsection 1.

3. The Board may apply for and accept any gift, donation, bequest, grant or other source of money to carry out the Program.

4. The Board may transfer to the Endowment Account established pursuant to NRS 353B.350 the balance in the account of a pupil created pursuant to subsection 1 that:

(a)Has not been accessed by a parent or guardian of the pupil in the manner prescribed in the regulations adopted pursuant to subsection 2 by the time the pupil is enrolled in grade 5.

(b)Is otherwise remaining after expiration of the time prescribed in the regulations adopted pursuant to subsection 2 within which the money in the account must be used.

Nevada College Savings Trust Fund; Related Accounts