The corporation shall maintain a system of accounts in accordance with generally accepted accounting procedures and standard accounting procedures and systems established by the state, where applicable, which shall, among other things, properly identify and account for all funds received by the corporation, the source of such funds, and all expenditures of the corporation. Agency, federal, and other funds of the corporation, determined to be available for such purposes, may be used to discharge any guaranty obligation of the corporation, to pay any state interest subsidy and lender discount payment obligations of the corporation, and to pay expenses and operating costs incurred by the corporation, including payments to the commission to defray expenses and operating costs of the corporation paid or to be paid by the commission for or on behalf of the corporation. No funds of the corporation shall lapse to the state as of the close of any fiscal year.
History. Code 1933, § 32-3308, enacted by Ga. L. 1980, p. 835, § 2.
Structure Georgia Code
Chapter 3 - Postsecondary Education
Article 7 - Scholarships, Loans, and Grants
Part 2 - Georgia Higher Education Assistance Corporation
§ 20-3-260. Short Title; Name of Program
§ 20-3-261. Legislative Findings; Purpose of Corporation
§ 20-3-264. Functions and Composition of Board of Directors; Organization and Conduct of Affairs
§ 20-3-265. Corporation Officers and Employees; Bonds
§ 20-3-267. Accounting System; Use of Funds; Payments to Commission
§ 20-3-268. Annual Audits of Corporation; Distribution of Audit Reports
§ 20-3-270. Loan Guaranties Conditioned on Lenders’ and Holders’ Due Diligence
§ 20-3-271. Insurance Premiums or Guaranty Fees
§ 20-3-273. State Interest Subsidy Payments for Student Borrowers
§ 20-3-274. Loan Discount Payments to Lenders
§ 20-3-275. Funds Maintained by Corporation
§ 20-3-276. School Rights Subject to Rules and Regulations
§ 20-3-277. Lender Rights Subject to Rules and Regulations
§ 20-3-280. Lender and School Audits; Program Reviews; Corrective Actions
§ 20-3-281. Sale, Pledge, or Assignment of Educational Loans
§ 20-3-282. Contracted Servicing of Loans
§ 20-3-283. Contributions Deductible for Income Tax Purposes
§ 20-3-284. Exemption of Corporation From Taxation
§ 20-3-285. Exemption of Lenders From Certain Taxation
§ 20-3-286. Conflicts of Interest Involving Directors, Officers, or Employees of Corporation
§ 20-3-287. Borrowers Deemed Capable Regardless of Age
§ 20-3-288. Proof of Residency in State
§ 20-3-289. Eligibility of Students in Default for Other State Student Assistance
§ 20-3-290. Corporation Assigned to Commission
§ 20-3-291. Termination and Dissolution of Corporation
§ 20-3-292. Venue of Proceedings Against Corporation
§ 20-3-293. General Banking or Insurance Business by Corporation Prohibited