S.C. Code Regs. § § 19-1220

Current through Register Vol. 48, No. 11, November 22, 2024

Section 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.

S.C. Code Regs. § 19-1220

Added by State Register Volume 22, Issue No. 6, Part 1, eff June 26, 1998.