Nev. Rev. Stat. § 353B.001 Definitions.
As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 353B.002, 353B.003 and 353B.004 have the meanings ascribed to them in those sections.
COLLEGE SAVINGS PROGRAMS
Nev. Rev. Stat. 353B
in effectNev. Rev. Stat. § 353B.002 Board defined.
Board means the Board of Trustees of the College Savings Plans of Nevada created by NRS 353B.005.
Nev. Rev. Stat. § 353B.003 Marketing defined.
Marketing means activities relating to marketing and promotion, including, without limitation, market research, public relations, branding and creative services, design and purchase of advertising, design and printing or production of collateral and promotional items, event sponsorships, incentives payable to a students scholarship or savings trust account and website design and development. The term includes all such activities performed for the purposes of this chapter, whether performed by state employees or other persons.
Nev. Rev. Stat. § 353B.004 System defined.
System means the Nevada System of Higher Education.
Nev. Rev. Stat. § 353B.005 Board of Trustees of the College Savings Plans of Nevada: Creation; membership; terms; Chair; allowances and expenses.
1. There is hereby created a Board of Trustees of the College Savings Plans of Nevada.
2. The Board consists of five members composed of:
(a) The State Treasurer, who may name a designee to serve on the Board on his or her behalf.
(b) The Director of the Office of Finance, who may name a designee to serve on the Board on his or her behalf.
(c) The Chancellor of the System, who may name a designee to serve on the Board on his or her behalf.
(d) Two members appointed by the Governor. A member who is appointed by the Governor must possess knowledge, skill and experience in the field of:
(1) Accounting;
(2) Finance;
(3) Investment management; or
(4) Marketing.
3. A member of the Board who is appointed by the Governor pursuant to paragraph (d) of subsection 2:
(a) Serves for a term of 4 years or until his or her successor is appointed;
(b) Except as otherwise provided in paragraph (c), may be reappointed by the Governor; and
(c) Except as otherwise provided in this paragraph, may serve for only two terms. A member who is appointed to fill a vacancy in an unexpired term that is not longer than 3 years may serve two terms in addition to the unexpired term.
4. The members of the Board shall elect a Chair of the Board from among their number.
5. Each member of the Board serves without compensation, except that each member is entitled to receive:
(a) The per diem allowance and travel expenses provided for state officers and employees generally; and
(b) Reimbursement for any other actual and reasonable expense incurred while performing his or her duties.
6. As used in this section, the term College Savings Plans of Nevada includes the Nevada Higher Education Prepaid Tuition Program set forth in NRS 353B.010 to 353B.190 , inclusive, and the Nevada College Savings Program set forth in NRS 353B.300 to 353B.370 , inclusive, including the Nevada College Kick Start Program.
Nev. Rev. Stat. § 353B.007 Insurance coverage to protect prepaid tuition contracts and savings trust accounts.
The Board may endorse insurance coverage written exclusively to protect prepaid tuition contracts, and purchasers and beneficiaries of prepaid tuition contracts pursuant to NRS 353B.010 to 353B.190, inclusive, and the regulations adopted pursuant thereto, and savings trust accounts and account owners, and beneficiaries of savings trust accounts pursuant to NRS 353B.300 to 353B.370, inclusive, and the regulations adopted pursuant thereto, which may be issued in the form of a group life policy. The provisions of title 57 of NRS are not applicable to the Board in carrying out the provisions of this section.
Nev. Rev. Stat. § 353B.008 Prepaid tuition program or college savings program must not prohibit participation based solely on immigration or citizenship status.
A prepaid tuition program or college savings program established pursuant to this chapter must not prohibit a person or his or her family from participating in such a program based solely on the immigration or citizenship status of the person or his or her family.
Nev. Rev. Stat. § 353B.009 Money on deposit in prepaid tuition contract or savings trust account not considered asset of parent, guardian or student for purposes of determining certain eligibility.
Notwithstanding the provisions of any specific statute to the contrary, no money on deposit in a prepaid tuition contract pursuant to NRS 353B.010 to 353B.190, inclusive, or a savings trust account pursuant to NRS 353B.300 to 353B.370, inclusive, may be considered an asset of a parent, guardian or student for the purpose of determining the eligibility of a person for a grant, scholarship or work opportunity that is based on need and offered or administered by a state agency, except as otherwise required by the source of the funding of the grant, scholarship or work opportunity.
Nev. Rev. Stat. § 353B.010 Definitions.
As used in NRS 353B.010 to 353B.190, inclusive, unless the context otherwise requires, the words and terms defined in NRS 353B.030 to 353B.070, inclusive, have the meanings ascribed to them in those sections.
Nev. Rev. Stat. § 353B.030 Prepaid tuition contract defined.
Prepaid tuition contract means the contract created pursuant to NRS 353B.100.
Nev. Rev. Stat. § 353B.040 Purchaser defined.
Purchaser means a person who makes or is obligated to make payments for tuition in accordance with a prepaid tuition contract.
Nev. Rev. Stat. § 353B.050 Qualified beneficiary defined.
Qualified beneficiary means a person for whom tuition is paid pursuant to a prepaid tuition contract.
Nev. Rev. Stat. § 353B.070 Trust Fund defined.
Trust Fund means the Nevada Higher Education Prepaid Tuition Trust Fund created pursuant to NRS 353B.140.
Nev. Rev. Stat. § 353B.075 Limitations on construction of provisions.
The provisions of NRS 353B.010 to 353B.190, inclusive, must not be construed as a promise or guarantee that a qualified beneficiary:
1. Will be admitted to, allowed to continue enrollment at or graduated from a community college or university; or
2. Will have the full cost of his or her tuition paid at a community college, college or university that is not a member of the Nevada System of Higher Education.
Nev. Rev. Stat. § 353B.090 Development of Program by Board; amount of tuition under prepaid tuition contract; regulations.
1. The Board shall develop the Nevada Higher Education Prepaid Tuition Program for the prepayment of tuition for a qualified beneficiary for:
(a) Undergraduate studies at:
(1) A university, state college or community college that is a member of the System;
(2) An accredited college or university in this State that is not a member of the System; or
(3) An accredited community college, college or university in another state.
(b) If any money paid into the Trust Fund under a prepaid tuition contract is remaining after a qualified beneficiary has graduated with an undergraduate degree, for graduate-level studies at:
(1) A university, state college or community college that is a member of the System;
(2) An accredited college or university in this State that is not a member of the System; or
(3) An accredited community college, college or university in another state.
2. The amount of the tuition under a prepaid tuition contract must be at a guaranteed rate which is established based on the annual actuarial study required pursuant to NRS 353B.190 for undergraduate studies at a university, state college or community college that is a member of the System.
3. The Board shall adopt regulations for the implementation of the Program, including, without limitation, regulations setting forth requirements for:
(a) Residency;
(b) A limit on the number of qualified beneficiaries;
(c) The termination, withdrawal and transfer of money paid into the Trust Fund;
(d) A payment received by the Trust Fund as a matching contribution made as described in NRS 363A.137 or 363B.117 to be credited to the qualified beneficiary on whose behalf the matching contribution was made;
(e) The time within which the money paid into the Trust Fund must be used;
(f) Payment schedules; and
(g) A master agreement for the Program.
Nev. Rev. Stat. § 353B.095 Delegation by Board of administrative powers and duties to State Treasurer.
The Board may delegate to the State Treasurer any of its administrative powers and duties specified in NRS 353B.010 to 353B.190, inclusive, if the Board determines that such delegation is necessary for the efficient and effective administration of the Nevada Higher Education Prepaid Tuition Program and the Trust Fund.
Nev. Rev. Stat. § 353B.100 Prepaid tuition contracts: Authority of Board to enter; required provisions.
1. The Board may enter into a prepaid tuition contract with a purchaser.
2. The Board shall create a prepaid tuition contract in accordance with the provisions of this section.
3. The prepaid tuition contract must include, without limitation:
(a) The terms and conditions under which the purchaser shall remit payment, including, without limitation:
(1) The amount and number of payments that are required from the purchaser on behalf of the qualified beneficiary;
(2) The date upon which each payment is due; and
(3) A provision for a reasonable penalty for a delinquent payment or default.
(b) The name and date of birth of the qualified beneficiary on whose behalf the prepaid tuition contract is drawn.
(c) The terms and conditions under which another person may be substituted as the qualified beneficiary.
(d) The terms and conditions under which the purchaser, or another person designated by the purchaser, may terminate the prepaid tuition contract, receive a refund of money that he or she has paid into the Trust Fund or withdraw money that he or she has paid into the Trust Fund, including, without limitation, a provision allowing the Board to impose a fee that amounts to more than a de minimis penalty.
(e) A provision that the Board shall, after making a reasonable effort to contact the purchaser, report any money that has been deposited under a prepaid tuition contract that has not been terminated and has not been used within a specified period to the State Treasurer for proper disposition.
(f) The number of semesters for which the purchaser is contracting.
(g) A provision that money paid into the Trust Fund under a prepaid tuition contract may be applied toward tuition for an undergraduate degree at:
(1) A university, state college or community college that is a member of the System;
(2) An accredited college or university in this State that is not a member of the System; or
(3) An accredited community college, college or university in another state.
Ê Payments authorized pursuant to subparagraph (2) or (3) must not exceed the projected highest payment for tuition for the current academic year at a university that is a member of the System.
(h) A provision that any money under a prepaid tuition contract that is remaining after a qualified beneficiary has graduated with an undergraduate degree may be applied toward tuition for graduate-level studies at:
(1) A university, state college or community college that is a member of the System;
(2) An accredited college or university in this State that is not a member of the System; or
(3) An accredited community college, college or university in another state.
Ê Payments authorized pursuant to this paragraph may not exceed the total amount payable under the prepaid tuition contract of the qualified beneficiary.
(i) Any other term or condition that the Board considers necessary or proper.
Nev. Rev. Stat. § 353B.105 Agreement to payroll deductions for prepaid tuition contract authorized.
The State of Nevada, an agency, county, municipality or other political subdivision of the State, or any other public or private employer may enter into an agreement to remit payments toward a prepaid tuition contract on behalf of an employee through payroll deductions.
Nev. Rev. Stat. § 353B.110 General duties and powers of Board.
The Board:
1. May modify the regulations for the implementation of the Program adopted pursuant to subsection 3 of NRS 353B.090 .
2. May establish agreements to fulfill its obligations under the prepaid tuition contracts.
3. May contract for any necessary good or service, including, without limitation, the power to engage financial consultants, actuaries or legal counsel.
4. May procure insurance against any loss in connection with the property, assets or activities of the Trust Fund, the State Treasurer or the Board.
5. May solicit and accept a gift, including, without limitation, a bequeathment or other testamentary gift, grant, loan or aid from any source.
6. Shall solicit answers to requests for rulings from the Internal Revenue Service regarding the tax status of fees paid to or on behalf of a purchaser or a qualified beneficiary pursuant to a prepaid tuition contract.
Nev. Rev. Stat. § 353B.130 Limitation on effect of action by Board.
An act or undertaking of the Board does not constitute a debt of the State of Nevada, or any political subdivision thereof, or a pledge of the full faith and credit of the State of Nevada, or of any political subdivision thereof, and is payable solely from the Trust Fund.
Nev. Rev. Stat. § 353B.140 Creation; sources; nonreversion.
1. The Nevada Higher Education Prepaid Tuition Trust Fund is hereby created within the State Treasury to allow:
(a) The cost of tuition to be paid in advance of enrollment at an institution of higher education; and
(b) The payment of qualified higher education expenses for qualified beneficiaries in accordance with the policy adopted pursuant to NRS 353B.145 .
2. The Trust Fund consists of payments received pursuant to:
(a) A prepaid tuition contract;
(b) A bequest, endowment or grant from the Federal Government;
(c) A matching contribution made as described in NRS 363A.137 or 363B.117 ;
(d) A loan made to the Trust Fund for purposes of the fiscal stabilization of the Nevada Higher Education Prepaid Tuition Program; or
(e) Any other public or private source of money.
3. Money in the Trust Fund that is not expended during any biennium does not revert to the State General Fund at any time.
4. As used in this section, qualified higher education expenses has the meaning ascribed to it in 26 U.S.C. § 529.
Nev. Rev. Stat. § 353B.145 Policy for use of certain excess money.
1. The Board shall adopt and, as necessary, revise a policy for the use of any money in the Trust Fund that is in excess of the amount of money determined by the Board to be required to establish a guaranteed rate for tuition under a prepaid tuition contract.
2. In adopting and revising the policy pursuant to subsection 1, the Board must consider, without limitation, the short-term and long-term financial viability of the Program developed pursuant to NRS 353B.090 , including, without limitation, the projected future costs of prepaid tuition contracts.
Nev. Rev. Stat. § 353B.150 Administration by State Treasurer; duties and powers of State Treasurer.
1. The State Treasurer shall administer the Trust Fund.
2. As Administrator of the Trust Fund, the State Treasurer:
(a) Shall maintain the financial records of the Trust Fund;
(b) Shall invest the property in the Trust Fund pursuant to the policies for investment established by the Board pursuant to NRS 353B.160 ;
(c) Shall manage any account associated with the Trust Fund;
(d) Shall maintain any instruments that evidence investments made with property from the Trust Fund;
(e) May contract with vendors for any good or service that is necessary to carry out the provisions of NRS 353B.010 to 353B.190 , inclusive;
(f) May hire such employees as are necessary to carry out the provisions of NRS 353B.010 to 353B.190 , inclusive; and
(g) May perform any other duties necessary to administer the Trust Fund.
Nev. Rev. Stat. § 353B.155 Duty of Board to promote and market use of Trust Fund and solicit certain opinions; authority to limit qualified beneficiaries.
1. The Board shall actively promote and market use of the Trust Fund.
2. The Board shall, before it enters into a prepaid tuition contract with a purchaser, solicit the opinion of:
(a) The Securities and Exchange Commission regarding the application of federal law regarding securities to the Trust Fund; or
(b) An independent legal counsel to ensure that the method of structuring and offering the Trust Fund is in compliance with federal law regarding securities.
3. The Board may:
(a) Require a reasonable length of residence in the State to become a qualified beneficiary.
(b) Restrict the number of qualified beneficiaries.
Nev. Rev. Stat. § 353B.160 Investment; prohibited interests, payments and actions; modification of terms of subsequent prepaid tuition contracts to ensure actuarial soundness.
1. The Board shall create a comprehensive plan that specifies the policies for investment which the State Treasurer shall follow in administrating the Trust Fund.
2. The Board may authorize the State Treasurer to invest the property of the Trust Fund in:
(a) A bond, note, certificate or other general obligation of the State of Nevada, or of a county, city, general improvement district or school district of the State of Nevada.
(b) A corporate bond of a corporation created by or existing under the laws of the United States or of a state, district or territory of the United States with a rating not lower than A or its equivalent by a nationally recognized rating service. The total amount invested in such bonds must not exceed 50 percent of the book value of the total fixed income investments of the Trust Fund.
(c) Commercial paper of a corporation created by or existing under the laws of the United States or of a state, district or territory of the United States or of a wholly owned subsidiary of such a corporation with a rating not lower than A-3 or P-3 by a nationally recognized rating service.
(d) A bond, note, debenture or other valid obligation that is issued by the Treasury of the United States.
(e) A bond, note, debenture or other security that is issued by an agency or instrumentality of the United States or that is fully guaranteed by the United States in:
(1) The Federal Farm Credit Banks Funding Corporation;
(2) The Federal National Mortgage Association;
(3) The Federal Home Loan Banks;
(4) The Federal Home Loan Mortgage Corporation; or
(5) The Government National Mortgage Association.
(f) A bond, note, debenture or other security in the Student Loan Marketing Association, regardless of whether it is guaranteed by the United States.
(g) A bond, note or other obligation issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, the International Finance Corporation or the Inter-American Development Bank that:
(1) Is denominated in United States dollars;
(2) Is a senior unsecured unsubordinated obligation;
(3) At the time of purchase has a remaining term to maturity of 5 years or less; and
(4) Is rated by a nationally recognized rating service as AA or its equivalent, or better,
Ê except that investments pursuant to this paragraph may not, in aggregate value, exceed 15 percent of the total par value of the Trust Fund at the time of purchase.
(h) A bond, note or other obligation publicly issued in the United States by a foreign financial institution, corporation or government that:
(1) Is denominated in United States dollars;
(2) Is a senior unsecured unsubordinated obligation;
(3) Is registered with the Securities and Exchange Commission in accordance with the provisions of the Securities Act of 1933, 15 U.S.C. §§ 77a et seq., as amended;
(4) Is purchased from a registered broker-dealer;
(5) At the time of purchase has a remaining term to maturity of 5 years or less; and
(6) Is rated by a nationally recognized rating service as A or its equivalent, or better,
Ê except that investments pursuant to this paragraph may not, in aggregate value, exceed 10 percent of the total par value of the Trust Fund as determined at the time of purchase.
(i) Collateralized mortgage obligations that are rated AAA or its equivalent by a nationally recognized rating service.
(j) Asset-backed securities that are rated AAA or its equivalent by a nationally recognized rating service.
(k) Money market mutual funds that:
(1) Are registered with the Securities and Exchange Commission;
(2) Are rated by a nationally recognized rating service as A or its equivalent, or better; and
(3) Invest only in securities issued by the Federal Government or agencies of the Federal Government or in repurchase agreements fully collateralized by such securities.
Ê The total dollar amount invested in such mutual funds must not exceed 20 percent of the total dollar amount of the Trust Fund that is invested.
(l) Common or preferred stock of a corporation created by or existing under the laws of the United States or of a state, district or territory of the United States, if:
(1) The stock of the corporation is:
(I) Listed on a national stock exchange; or
(II) Traded in the over-the-counter market, if the price quotations for the over-the-counter stock are quoted by the National Association of Securities Dealers Automated Quotation System, NASDAQ;
(2) The outstanding shares of the corporation have a total market value of not less than $50,000,000;
(3) The maximum investment in stock is not greater than 60 percent of the book value of the total investments of the Trust Fund;
(4) Except for investments made pursuant to paragraph (o), the amount of an investment in a single corporation is not greater than 3 percent of the book value of the assets of the Trust Fund; and
(5) Except for investments made pursuant to paragraph (o), the total amount of shares owned by the Trust Fund is not greater than 5 percent of the outstanding stock of a single corporation.
(m) A covered call or put option on securities that are traded on one or more of the regulated exchanges in the United States.
(n) A pooled or commingled real estate fund or a real estate security that is managed by a corporate trustee or by an investment advisory firm that is registered with the Securities and Exchange Commission, either of which may be retained by the Board as an investment manager. The shares and the pooled or commingled fund must be held in trust. The total book value of an investment made under this paragraph must not at any time be greater than 5 percent of the total book value of all investments of the Trust Fund.
(o) Mutual funds or common trust funds that consist of any combination of the investments listed in paragraphs (a) to (n), inclusive.
3. The State Treasurer shall exercise the standard of care in investing the property of the Trust Fund that a person of prudence, discretion and intelligence would exercise in the management of his or her own affairs, given the prevailing circumstances, not in regard to speculation but rather to the permanent disposition of the property, considering the potential income from and the probable safety of his or her capital.
4. Subject to the terms, conditions, limitations and restrictions set forth in this section, the State Treasurer may sell, assign, transfer or dispose of the property and investments of the Trust Fund upon the approval of a majority of the Board.
5. The assets of the Trust Fund:
(a) Must be maintained, invested and expended solely for the purposes of NRS 353B.010 to 353B.190 , inclusive; and
(b) Must not be loaned, transferred or otherwise used for a purpose other than the purposes of NRS 353B.010 to 353B.190 , inclusive.
6. The State Treasurer shall credit any income derived from an investment or a gain from a sale or exchange of an investment to the Trust Fund.
7. The State Treasurer shall acquire each investment for the Trust Fund at a price not to exceed the prevailing market value for such an investment.
8. Each investment in the Trust Fund must be clearly marked to indicate ownership by the Trust Fund.
9. The State Treasurer, an employee of the State Treasurer, or a member or employee of the Board shall not:
(a) Have a direct or indirect interest in the income, gain or profit of an investment that the State Treasurer makes;
(b) Receive pay or emolument for his or her services in connection with an investment that the State Treasurer makes; or
(c) Become an endorser, surety or obligor for money that is borrowed from the Trust Fund.
10. If the annual actuarial study performed pursuant to NRS 353B.190 reveals that there is insufficient money to ensure the actuarial soundness of the Trust Fund, the Board shall modify the terms of subsequent prepaid tuition contracts.
11. The terms, conditions, limitations and restrictions regarding investments of the Trust Fund listed in this section apply only at the time an investment is originally acquired and must not be construed to require the liquidation of an investment at any time.
Nev. Rev. Stat. § 353B.170 Annual report.
The Board shall:
1. Prepare an annual report setting forth in appropriate detail an accounting of the Trust Fund and a description of the financial condition of the Trust Fund at the close of each fiscal year, including, without limitation, a statement of projected receipts, disbursements and operating costs of the Trust Fund.
2. Submit the report prepared pursuant to subsection 1 on or before March 31 of each year:
(a) In odd-numbered years, to the Governor, the Senate Standing Committee on Finance and the Assembly Standing Committee on Ways and Means.
(b) In even-numbered years, to the Governor.
Nev. Rev. Stat. § 353B.180 Annual audit.
The Board shall contract with a certified public accounting firm to perform an annual audit of the accounts and records of the State Treasurer and the Board showing the receipts to and disbursements from the Trust Fund. The cost of the audit must be borne by the Trust Fund. The State Treasurer shall make available for inspection all records necessary to perform the audit.
Nev. Rev. Stat. § 353B.190 Annual actuarial study.
The Board shall contract with a certified actuary to perform an annual actuarial study, the cost of which must be borne by the Trust Fund. The State Treasurer shall make available for inspection all records necessary to perform the actuarial study.
Nev. Rev. Stat. § 353B.300 Trust Fund defined.
As used in NRS 353B.300 to 353B.370, inclusive, unless the context otherwise requires, Trust Fund means the Nevada College Savings Trust Fund created by NRS 353B.340.
Nev. Rev. Stat. § 353B.310 Regulations.
1. The Board shall adopt regulations to establish and carry out the Nevada College Savings Program, which must comply with the requirements of a qualified state tuition program pursuant to 26 U.S.C. § 529.
2. The regulations must be consistent with the provisions of the Internal Revenue Code set forth in Title 26 of the United States Code, and the regulations adopted pursuant thereto, to ensure that the Nevada College Savings Program meets all criteria for federal tax-deferred or tax-exempt benefits, or both.
3. The regulations must provide for the use of savings trust agreements and savings trust accounts to apply distributions toward qualified higher education expenses at eligible educational institutions in accordance with 26 U.S.C. § 529.
4. The regulations must set forth requirements for a payment received by the Trust Fund as a matching contribution made as described in NRS 363A.137 or 363B.117 to be credited to the savings trust account to which the contribution was made.
5. The regulations may include any other provisions not inconsistent with federal law that the Board determines are necessary for the efficient and effective administration of the Nevada College Savings Program and the Trust Fund.
Nev. Rev. Stat. § 353B.320 Delegation by Board of administrative powers and duties to State Treasurer.
The Board may delegate to the State Treasurer any of its administrative powers and duties specified in NRS 353B.300 to 353B.370, inclusive, if the Board determines that such delegation is necessary for the efficient and effective administration of the Nevada College Savings Program and the Trust Fund.
Nev. Rev. Stat. § 353B.330 Savings trust accounts and agreements not guaranteed by full faith and credit.
Savings trust accounts and agreements entered into pursuant to NRS 353B.300 to 353B.370, inclusive, are not guaranteed by the full faith and credit of the State of Nevada.
Nev. Rev. Stat. § 353B.335 Establishment; availability of and accounting method for money in accounts; regulations; gifts, grants and donations; authority to transfer unaccessed or expired balances to Endowment Account.
1. The Board shall establish the Nevada College Kick Start Program to provide for the creation of an account for each pupil who is a resident of this State upon commencement of his or her enrollment in kindergarten at a public school in this State. Within the limits of money available for this purpose, the Board shall make money available to each such account to be used to pay a portion of the costs of higher education of the pupil. The Board shall determine the appropriate accounting method for the money in such an account, which must be in accordance with generally accepted accounting principles.
2. The Board shall adopt regulations for the implementation of the Program, including, without limitation, regulations regarding:
(a) Enrollment in the Program, including without limitation, opting in or opting out of the Program;
(b) Procedures for the parent or guardian of a pupil to access the account of the pupil created pursuant to subsection 1;
(c) The time within which the money in the account created pursuant to subsection 1 must be used; and
(d) Distributions from an account created pursuant to subsection 1.
3. The Board may apply for and accept any gift, donation, bequest, grant or other source of money to carry out the Program.
4. The Board may transfer to the Endowment Account established pursuant to NRS 353B.350 the balance in the account of a pupil created pursuant to subsection 1 that:
(a) Has not been accessed by a parent or guardian of the pupil in the manner prescribed in the regulations adopted pursuant to subsection 2 by the time the pupil is enrolled in grade 5.
(b) Is otherwise remaining after expiration of the time prescribed in the regulations adopted pursuant to subsection 2 within which the money in the account must be used.
Nev. Rev. Stat. § 353B.340 Creation; sources; limitations on use of money.
1. The Nevada College Savings Trust Fund is hereby created.
2. The Trust Fund is an instrumentality of this state, and its property and income are exempt from all taxation by this state and any political subdivision thereof.
3. The Trust Fund consists of:
(a) All money deposited in accordance with savings trust agreements;
(b) All money received as a matching contribution made as described in NRS 363A.137 or 363B.117 ; and
(c) All earnings on the money in the Trust Fund.
4. Money in the Trust Fund:
(a) Is not the property of this state, and this state has no claim to or interest in such money; and
(b) Must not be commingled with money of this state.
5. A savings trust agreement or any other contract entered into by or on behalf of the Trust Fund does not constitute a debt or obligation of this state, and no account owner is entitled to any money in the Trust Fund except for that money on deposit in or accrued to his or her account.
6. The money in the Trust Fund must be preserved, invested and expended solely pursuant to and for the purposes authorized by NRS 353B.300 to 353B.370 , inclusive, and must not be loaned or otherwise transferred or used by this state for any other purpose.
Nev. Rev. Stat. § 353B.350 Administration by State Treasurer; establishment and use of Program, Administrative and Endowment Accounts.
1. The Trust Fund and any account established by the State Treasurer pursuant to this section must be administered by the State Treasurer.
2. The State Treasurer shall establish such accounts as he or she determines necessary to carry out his or her duties pursuant to NRS 353B.300 to 353B.370 , inclusive, including, without limitation:
(a) A Program Account in the Trust Fund; and
(b) An Administrative Account and an Endowment Account in the State General Fund.
3. The Program Account must be used for the receipt, investment and disbursement of money pursuant to savings trust agreements.
4. The Administrative Account must be used for the deposit and disbursement of money to administer and market the Nevada College Savings Program and to supplement the administration and marketing of the Nevada Higher Education Prepaid Tuition Program set forth in NRS 353B.010 to 353B.190 , inclusive.
5. In addition to the money transferred pursuant to NRS 353B.335 and deposited pursuant to NRS 353B.360 , the Endowment Account must be used for the deposit of any money received by the Nevada College Savings Program that is not received pursuant to a savings trust agreement and, in the determination of the State Treasurer, is not necessary for the use of the Administrative Account. Except as otherwise provided in NRS 353B.360 , the money in the Endowment Account may be expended for any purpose related to:
(a) The funding of accounts created under the Nevada College Kick Start Program established pursuant to NRS 353B.335 ;
(b) The Governor Guinn Millennium Scholarship Program created pursuant to NRS 396.926 , including, without limitation, the costs of administering the Program, but such costs must not exceed an amount equal to 13 percent of the anticipated annual revenue to the State of Nevada from the settlement agreements with and civil actions against manufacturers of tobacco products anticipated for deposit in the Millennium Scholarship Trust Fund created by NRS 396.926 ;
(c) The administrative costs, as approved by the Legislature or the Interim Finance Committee, of activities related to the Nevada Higher Education Prepaid Tuition Program set forth in NRS 353B.010 to 353B.190 , inclusive, and the Nevada College Savings Program set forth in NRS 353B.300 to 353B.370 , inclusive, including the Nevada College Kick Start Program;
(d) The costs of marketing related to the Nevada Higher Education Prepaid Tuition Program set forth in NRS 353B.010 to 353B.190 , inclusive, and the Nevada College Savings Program set forth in NRS 353B.300 to 353B.370 , inclusive, including the Nevada College Kick Start Program, but such costs must not exceed an amount equal to 7 percent of the money in the Endowment Account, other than money deposited pursuant to NRS 353B.360 , that was received during the first fiscal year of the immediately preceding biennium by the Nevada College Savings Program, was not received pursuant to a savings trust agreement and, in the determination of the State Treasurer, was not necessary for the use of the Administrative Account;
(e) The costs of providing programs for the financial education of residents of this State and the Nevada ABLE Savings Program, including, without limitation, the costs related to administering such programs, the costs of employing a Deputy of Financial Literacy and Security pursuant to subsection 1 of NRS 226.100 and the costs of carrying out the provisions of NRS 427A.882 to 427A.896 , inclusive, but such costs must not exceed an amount equal to 10 percent of the money in the Endowment Account that was received during the first fiscal year of the immediately preceding biennium by the Nevada College Savings Program, was not received pursuant to a savings trust agreement and, in the determination of the State Treasurer, was not necessary for the use of the Administrative Account; or
(f) The costs of carrying out the provisions of NRS 226.500 to 226.590 , inclusive.
Nev. Rev. Stat. § 353B.360 Gifts, grants and other donations: Authority to apply for and accept; use; deposit.
The Board may apply for and accept a grant and may accept any gift, bequest, devise or other donation provided by a public or private source for administrative costs or costs of marketing the Nevada College Savings Program set forth in NRS 353B.300 to 353B.370, inclusive, including the Nevada College Kick Start Program, in accordance with the provisions of NRS 353.150 to 353.245, inclusive. Such money must be deposited in the Endowment Account established pursuant to subsection 2 of NRS 353B.350.
Nev. Rev. Stat. § 353B.370 Duties and powers of Board; contracts for services.
1. The Board shall establish a comprehensive investment plan for the money in the Trust Fund.
2. Notwithstanding the provisions of any specific statute to the contrary, the Board may invest or cause to be invested any money in the Trust Fund, including, without limitation, the money in the Program Account, in any manner reasonable and appropriate to achieve the objectives of the Nevada College Savings Program, exercising the discretion and care of a prudent person in similar circumstances with similar objectives. The Board shall consider the risk, expected rate of return, term or maturity, diversification of total investments, liquidity and anticipated investments in and withdrawals from the Trust Fund.
3. The Board may establish criteria and select investment managers, mutual funds or other such entities to act as investment managers for the Nevada College Savings Program.
4. The Board may employ or contract with investment managers, evaluation services or other services as determined by the Board to be necessary for the effective and efficient operation of the Nevada College Savings Program.
5. The Board may employ personnel and contract for goods and services necessary for the effective and efficient operation of the Nevada College Savings Program.
6. The marketing plan and materials for the Nevada College Savings Program must be approved by the Board.
7. The Board may prescribe terms and conditions of savings trust agreements.
8. The Board may contract with one or more qualified entities for the day-to-day operations of the Nevada College Savings Program as the Program Administrator for the management of the marketing of the Program, the administration of the comprehensive investment plan and Trust Fund, the selection of investment managers for the Nevada College Savings Program and the performance of similar activities.
9. All contracts authorized by this section are subject to the requirements of chapter 333 of NRS, except that:
(a) Notwithstanding the provisions of subsection 1 of NRS 333.165 to the contrary, the Board shall contract for all services regardless of the estimated value of the services; and
(b) Notwithstanding the provisions of NRS 333.335 to the contrary, each proposal received by the Board concerning services must be evaluated by the Board at a public meeting and each contract for services must be awarded by the Board at a public meeting.
Source: NV Statutes (Official Site)URL: https://www.leg.state.nv.us/nrs/NRS-353B.htmlFetched: 10/4/2026