S.C. Code Regs. 19-1205 - Program Organization
A. Scope
and Purpose: This regulation sets forth the guidelines for the general daily
operations of the Program.
B.
Agency Organization:
1. The Program is created
as a program within the Board.
2.
The Program staff is composed of the following persons:
(a) The director who must be appointed and
supervised by the Executive Director of the Board. The director must be a state
official or employee upon assuming the position.
(b) Other support staff as determined by the
director.
C.
Statutory Provision: The primary statutory provisions affecting the operation
of the Program are located at Title 59, Chapter 4 of the South Carolina Code of
Laws, 1976, and any additional provisions enacted by the Legislature addressing
the Program.
D. Public Information
and Inspection of Records: The public records of the Program are generally
available for public inspection pursuant to the "Freedom of Information Act".
Persons wishing to inspect public records may ordinarily do so during normal
business hours subject to the scheduling of Program staff to assist.
Appointments for public inspection of records should be made to ensure staff
availability.
E. Program
Parameters:
1. The Program is authorized to
enter into all necessary contracts for services, supplies, goods, space, and
equipment including the authority to hire temporary consultants, employees,
actuaries, managers, legal counsel, auditors, marketing services, and other
professional and technical expertise.
2. The Fund must be invested and managed as
directed by the Board.
3. The
Program may accept gifts, grants, and other financial assistance from any
source.
4. The Program shall
establish the procedures by which a contributor may purchase a tuition
prepayment contract on behalf of a designated beneficiary entitling the
designated beneficiary to the waiver, payment, or partial payment of certain
qualified higher educational expenses.
5. The Program shall establish and implement
application procedures, prepare and distribute necessary forms and documents,
and prepare and distribute Program annual reports.
6. The Program shall establish other
policies, procedures, and criteria to implement and administer the provisions
of the enabling Act.
7. The Program
shall establish eligibility requirements for designated beneficiaries
including, but not limited to, a requirement of residency in this
State.
8. The Program shall provide
adequate safeguards to prevent a contributor from making contributions to an
account on behalf of a designated beneficiary in excess of those necessary to
provide for the qualified higher education expenses of the designated
beneficiary.
9. The Program shall
prepare reports required by state and Federal law.
F. Confidentiality of Information:
Information that identifies the contributors or designated beneficiaries of a
tuition prepayment contract and their advance payment account activities is
confidential and must not be disclosed without the consent of the designated
beneficiary, in accordance with a judicial order, or to those persons with an
official need to access the information.
G. Limited Liability to the State: Any act or
undertaking of the Program shall not constitute a debt of the State or any
agency, department, institution, or political subdivision, or a pledge of the
full faith and credit of the State or any agency, department, institution, or
political subdivision, but is payable solely from the Fund.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.