Existing law requires the State Treasurer to establish an Administrative Account and an Endowment Account in the State General Fund to carry out the State Treasurer's duties with respect to the Nevada College Savings Program. The Administrative Account is required to be used for the deposit and disbursement of money to administer and market the Nevada College Savings Program as well as to supplement the administration and marketing of the Nevada Higher Education Prepaid Tuition Program. The Endowment Account is required to 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 which the State Treasurer determines is not necessary for certain administration and marketing activities. The State Treasurer is authorized to expend money in the Endowment Account for purposes related to the funding of college savings accounts under the Nevada College Kick Start Program, the Governor Guinn Millennium Scholarship Program, administrative and marketing costs related to the Nevada Higher Education Prepaid Tuition Program and the Nevada College Savings Program and programs for the financial education of residents of this State. (NRS 353B.350) This bill also authorizes money in the Endowment Account to be expended for providing the Nevada ABLE Savings Program, for which the State Treasurer is authorized to adopt regulations to establish and carry out. (NRS 427A.889) This bill specifically provides that such money authorized for providing the programs for financial education and the Nevada ABLE Savings Program may be used for: (1) any costs related to administering such programs; (2) the costs of employing a Deputy of Financial Literacy and Security; and (3) the costs of administering the Nevada ABLE Savings Program. This bill additionally increases from 3 percent to 10 percent the maximum amount that may be expended for the costs of providing those programs from money in the Endowment Account that: (1) was received during the first fiscal year of the immediately preceding biennium by the Nevada College Savings Program; (2) was not received pursuant to a savings trust agreement; and (3) in the determination of the State Treasurer, was not necessary for the use of the Administrative Account.

Statutes affected:
As Introduced: 353B.350
As Enrolled: 353B.350
BDR: 353B.350