NRS 353B.350 Administration by State Treasurer; establishment and use of Program, Administrative and Endowment Accounts.

656 words·~3 min read·/nv/chapter-353b-college-savings-programs/353b-350

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

1. The Trust Fund and any account established by the State Treasurer pursuant to this section must be administered by the State Treasurer.

2. The State Treasurer shall establish such accounts as he or she determines necessary to carry out his or her duties pursuant to NRS 353B.300 to 353B.370 , inclusive, including, without limitation:

(a)A Program Account in the Trust Fund; and

(b)An Administrative Account and an Endowment Account in the State General Fund.

3. The Program Account must be used for the receipt, investment and disbursement of money pursuant to savings trust agreements.

4. The Administrative Account must be used for the deposit and disbursement of money to administer and market the Nevada College Savings Program and to supplement the administration and marketing of the Nevada Higher Education Prepaid Tuition Program set forth in NRS 353B.010 to 353B.190 , inclusive.

5. In addition to the money transferred pursuant to NRS 353B.335 and deposited pursuant to NRS 353B.360 , the Endowment Account must be used for the deposit of any money received by the Nevada College Savings Program that is not received pursuant to a savings trust agreement and, in the determination of the State Treasurer, is not necessary for the use of the Administrative Account. Except as otherwise provided in NRS 353B.360 , the money in the Endowment Account may be expended for any purpose related to:

(a)The funding of accounts created under the Nevada College Kick Start Program established pursuant to NRS 353B.335 ;

(b)The Governor Guinn Millennium Scholarship Program created pursuant to NRS 396.926 , including, without limitation, the costs of administering the Program, but such costs must not exceed an amount equal to 13 percent of the anticipated annual revenue to the State of Nevada from the settlement agreements with and civil actions against manufacturers of tobacco products anticipated for deposit in the Millennium Scholarship Trust Fund created by NRS 396.926 ;

(c)The administrative costs, as approved by the Legislature or the Interim Finance Committee, of activities related to the Nevada Higher Education Prepaid Tuition Program set forth in NRS 353B.010 to 353B.190 , inclusive, and the Nevada College Savings Program set forth in NRS 353B.300 to 353B.370 , inclusive, including the Nevada College Kick Start Program;

(d)The costs of marketing related to the Nevada Higher Education Prepaid Tuition Program set forth in NRS 353B.010 to 353B.190 , inclusive, and the Nevada College Savings Program set forth in NRS 353B.300 to 353B.370 , inclusive, including the Nevada College Kick Start Program, but such costs must not exceed an amount equal to 7 percent of the money in the Endowment Account, other than money deposited pursuant to NRS 353B.360 , that was received during the first fiscal year of the immediately preceding biennium by the Nevada College Savings Program, was not received pursuant to a savings trust agreement and, in the determination of the State Treasurer, was not necessary for the use of the Administrative Account;

(e)The costs of providing programs for the financial education of residents of this State and the Nevada ABLE Savings Program, including, without limitation, the costs related to administering such programs, the costs of employing a Deputy of Financial Literacy and Security pursuant to subsection 1 of NRS 226.100 and the costs of carrying out the provisions of NRS 427A.882 to 427A.896 , inclusive, but such costs must not exceed an amount equal to 10 percent of the money in the Endowment Account that was received during the first fiscal year of the immediately preceding biennium by the Nevada College Savings Program, was not received pursuant to a savings trust agreement and, in the determination of the State Treasurer, was not necessary for the use of the Administrative Account; or

(f)The costs of carrying out the provisions of NRS 226.500 to 226.590 , inclusive.