Purpose
A trust created outside the Treasury to hold funds related to the Tuition Promise Program paid under the prepaid tuition contracts and interest earned. The Board shall provide for assigning payments to the fund and establishing and administering the accounts of purchasers under the prepaid tuition contracts. The Board may provide for investing the assets of the fund under § 11b, art. VII, Texas Constitution or other law. Funds are used only to pay costs of program administration and operations, to make payments to institutions of higher education and career schools on behalf of the beneficiaries and to make refunds under prepaid tuition contracts.
Funds held outside the state treasury in a trustee capacity for individuals, private organizations or other governmental entities. Includes assets belonging to individuals and other entities held temporarily in a custodial capacity.
