RCW 28B.76.505
Scholarship endowment programs—Administration of funds.
(1) The investment of funds from all scholarship endowment programs administered by the office shall be managed by the state investment board.
(2) The state investment board has the full power to invest, reinvest, manage, contract, sell, or exchange investment money in scholarship endowment funds. All investment and operating costs associated with the investment of a scholarship endowment fund shall be paid pursuant to RCW 43.33A.160 and 43.84.160. With the exception of these expenses, the earnings from the investments of the fund belong to the fund.
(3) Funds from all scholarship endowment programs administered by the office shall be in the custody of the state treasurer.
(4) All investments made by the state investment board shall be made with the exercise of that degree of judgment and care pursuant to RCW 43.33A.140 and the investment policies established by the state investment board.
(5) As deemed appropriate by the state investment board, money in a scholarship endowment fund may be commingled for investment with other funds subject to investment by the state investment board.
(6) The authority to establish all policies relating to scholarship endowment funds, other than the investment policies in subsections (2) through (5) of this section, resides with the office.
(7) The office may request and accept moneys from the state investment board. With the exception of expenses of the state investment board in subsection (2) of this section, disbursements from the fund shall be made only on the authorization of the office and money in the fund may be spent only for the purposes of the endowment programs as specified in the authorizing chapter of each program.
(8) The state investment board shall routinely consult and communicate with the office on the investment policy, earnings of the scholarship endowment funds, and related needs of the programs.
[ 2012 c 229 § 604; 2011 1st sp.s. c 11 § 107; 2007 c 73 § 1.]
NOTES:
Effective date—2012 c 229 §§ 101, 117, 401, 402, 501 through 594, 601 through 609, 701 through 708, 801 through 821, 902, and 904: See note following RCW 28B.77.005.
Effective date—2011 1st sp.s. c 11 §§ 101-103, 106-202, 204-244, and 301: See note following RCW 28B.76.020.
Intent—2011 1st sp.s. c 11: See note following RCW 28B.76.020.
Structure Revised Code of Washington
Chapter 28B.76 - Office of Student Financial Assistance.
28B.76.090 - Office created—Purpose.
28B.76.120 - Adoption of rules.
28B.76.335 - Teacher preparation degree and certificate programs—Needs assessment.
28B.76.340 - Service regions for educator preparation programs.
28B.76.505 - Scholarship endowment programs—Administration of funds.
28B.76.509 - Highway worker memorial scholarship account.
28B.76.520 - Federal funds, private gifts or grants—Office to administer.
28B.76.525 - State financial aid account.
28B.76.526 - Washington opportunity pathways account.
28B.76.540 - Administrative responsibilities.
28B.76.550 - Distinguished professorship trust fund program—"Private donation" defined.
28B.76.555 - Distinguished professorship trust fund program—Intent.
28B.76.560 - Distinguished professorship trust fund program—Establishment—Administration.
28B.76.565 - Distinguished professorship trust fund program—Trust fund established.
28B.76.570 - Distinguished professorship trust fund program—Guidelines—Allocation system.
28B.76.600 - Graduate fellowship trust fund program—Intent.
28B.76.605 - Graduate fellowship trust fund program—Establishment—Administration.
28B.76.610 - Graduate fellowship trust fund—Matching funds.
28B.76.615 - Graduate fellowship trust fund program—Guidelines—Allocation system.
28B.76.620 - Graduate fellowship trust fund program—Matching funds—Donations—Disbursement of funds.
28B.76.630 - Graduate fellowship trust fund program—Moneys not subject to collective bargaining.
28B.76.660 - Washington scholars award and Washington scholars-alternate award.
28B.76.670 - Washington award for vocational excellence—Grants—Definitions.
28B.76.680 - Border county higher education opportunity project—Findings—Intent.
28B.76.685 - Border county higher education opportunity project—Created.
28B.76.690 - Border county higher education opportunity project—Administration.
28B.76.699 - Student teaching grant program—Report—Rules.
28B.76.725 - Teacher endorsement and certification help program (TEACH program)—Rules—Report.
28B.76.730 - Washington dual enrollment scholarship pilot program.