2011 Wyoming Statutes
TITLE 21 - EDUCATION
CHAPTER 16 - HIGHER EDUCATION GENERALLY
21-16-503. Disposition and investment of advance payments; payment to institutions of higher education; administrative costs.
(a) The program administrator shall deposit payments received under this article into an account within the University of Wyoming permanent endowment fund and shall account for each payment required from a purchaser on behalf of a beneficiary pursuant to the advance payment contract. All money deposited and accounted for pursuant to this article shall be invested by the program administrator in the manner provided for investment of other University of Wyoming funds. The program administrator, the state treasurer and the executive director of the Wyoming community college commission shall every three (3) months review investments made pursuant to this subsection and shall annually report to the joint appropriations interim committee and the joint education interim committee on the financial condition of the account and the investment portfolio.
(b) Expenditures from the account established under subsection (a) of this section shall be for payments to institutions of higher education on behalf of beneficiaries, payments of refunds and direct payment of benefits in accordance with W.S. 21-16-504 and for costs of administering this article. Administration fees shall be specified by contract and shall not exceed two percent (2%) of investment earnings accruing to the account.
(c) The program administrator shall establish a schedule for payment to institutions of higher education of the tuition, room and board or tuition only costs on behalf of beneficiaries. Payment under this subsection shall not begin until the beneficiary applies to and is accepted by the institution of higher education. Upon completion or termination of an advance payment contract, the remaining balance of principal and investment earnings accruing to the contract shall be credited to the account established under subsection (a) of this section.
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