(a) The ABLE Program includes the ABLE Trust Fund, and may be marketed under a different name than ABLE. The ABLE Trust Fund is hereby created and comprised of separate ABLE Savings Accounts established pursuant to this chapter. The ABLE Trust Fund receives contributions to ABLE Savings Accounts. One or more persons may make contributions to an ABLE Savings Account.
(b) Available sources of funds, public or private, including any administrative fees received from ABLE contracting parties, shall be deposited in the State Treasury Operations Fund. All ABLE Program expenses, including operating, administrative and marketing, shall be paid from the State Treasury Operations Fund. For reporting purposes, ABLE Program expenses will be segregated by unit or such other accounting method as provided in the State's STAARS system, or similar system.
(c) Property and income of the ABLE Program and ABLE Trust Fund shall be exempt from all taxation by the state and by all of its political subdivisions.
(d) The Examiners of Public Accounts shall annually audit the ABLE Program.
Structure Code of Alabama
Chapter 33C - Wallace-Folsom Prepaid College Tuition Trust Fund.
Section 16-33C-1 - Legislative Intent.
Section 16-33C-2 - Short Title.
Section 16-33C-2.1 - Creation and Administration of Plan.
Section 16-33C-3 - Definitions.
Section 16-33C-4 - Composition of Aces Board.
Section 16-33C-4.1 - Composition of Pact Board.
Section 16-33C-4.2 - Transition for Pact Board.
Section 16-33C-5 - Powers of Board.
Section 16-33C-6 - Pact Program Generally.
Section 16-33C-7 - Pact Contracts.
Section 16-33C-8 - Additional Pact Duties of Board.
Section 16-33C-9 - Dissolution of Pact Program.
Section 16-33C-10 - Aces Program Generally.
Section 16-33C-11 - Aces Savings Agreements.
Section 16-33C-12 - Additional Duties of Savings Board.
Section 16-33C-13 - Dissolution of Aces Program.
Section 16-33C-14 - Appropriations From the Education Trust Fund to the Pact Program.
Section 16-33C-15 - Appropriations From the Education Trust Fund to the Pact Trust Fund; Purpose.
Section 16-33C-16 - Appropriations From the Education Trust Fund to the Pact Trust Fund.
Section 16-33C-17 - Charge of Mandatory Fees or Tuition per Credit Hour.
Section 16-33C-18 - Limits on Increase in Mandatory Fees and Tuition.
Section 16-33C-19 - Changes to Pact Rules, Procedures, or Policies.
Section 16-33C-20 - Certification That Appropriations No Longer Necessary.
Section 16-33C-21 - Disposition of Funds.
Section 16-33C-22 - Dissolution of Pact Program.
Section 16-33C-23 - Actuary Deficits.