S.C. Code Regs. § 19-1220 - Duties of the Director
A. Scope and
Purpose: This regulation sets forth the policies and procedures related to the
duties of the director in administering the Program.
B. The director shall have the tuition
prepayment contracts prepared in accordance with the provisions of Title 59,
Chapter 4 of the South Carolina Code of Laws, 1976, and with the direction of
the Board.
C. The director or his
designee shall prepare an annual financial report of the fund and the program.
This report must be submitted to the Board on the date required by the Board
and in the format prescribed by the Board.
D. The Program and the Fund shall be subject
to audit by the State Auditor or his designee. The director shall provide
reports on audit activities and findings to the Board at the request of the
Board and in a format prescribed by the Board.
E. The director or his designee annually
shall evaluate the actuarial soundness of the fund and report this information
to the Board.
F. Solicitation of
Rulings:
1. The director shall solicit answers
to applicable ruling requests from the Internal Revenue Service regarding the
tax status of fees paid pursuant to a tuition prepayment contract to the
contributor and to the designated beneficiary. The director shall make the
status of these requests known to the Board.
2. The director shall solicit answers to
applicable ruling requests from the Securities and Exchange Commission
regarding the application of federal securities laws to the program. The
director shall make the status of these requests known to the Board.
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.