CHAPTER 5. FUNDS AND ACCOUNTS

IC 21-9-5
    Chapter 5. Funds and Accounts

IC 21-9-5-1
Establishment of funds
    Sec. 1. The following are established:
        (1) The general operating fund.
        (2) The endowment fund.
        (3) The trust fund and, in the trust fund, the following:
            (A) The administrative account.
            (B) The program account.
As added by P.L.165-1996, SEC.1. Amended by P.L.85-2000, SEC.4.

IC 21-9-5-2
Investment policies for general operating fund, administrativeaccount, and other money
    Sec. 2. The authority shall establish and implement investmentpolicies in accordance with IC 5-13 for the following:
        (1) Money in the general operating fund.
        (2) Money in the administrative account.
        (3) Any other money of the authority other than money in:
            (A) the endowment fund; and
            (B) the program account.
As added by P.L.165-1996, SEC.1. Amended by P.L.85-2000, SEC.5.

IC 21-9-5-3
Repealed
    (Repealed by P.L.85-2000, SEC.6.)

IC 21-9-5-4
Investment policies for endowment fund and program account
    Sec. 4. The board shall establish and implement investmentpolicies for money in:
        (1) the endowment fund; and
        (2) the program account;
for investment in the manner provided by IC 30-4-3-3.
As added by P.L.165-1996, SEC.1.

IC 21-9-5-5
Use of trust fund
    Sec. 5. The trust fund and other property of the authority must bepreserved, invested, and expended only under this article and maynot be used for any other purpose. The trust fund shall be held intrust for account owners and account beneficiaries.
As added by P.L.165-1996, SEC.1.

IC 21-9-5-6
Repealed
    (Repealed by P.L.135-2002, SEC.30.)
IC 21-9-5-7
Criteria for management of assets in trust fund
    Sec. 7. Criteria for management of assets in the trust fund,including investment of assets, must provide for both asset protectionand income growth relative to expected tuition costs while providingfor the actuarial soundness of the trust fund.
As added by P.L.165-1996, SEC.1.

IC 21-9-5-8
Payment of authority's expenses
    Sec. 8. (a) General operating, administrative, and capital expensesof the authority may be paid from amounts appropriated for thosepurposes by the general assembly. Appropriations must be depositedin either the administrative account or the general operating fund, asthe board determines to be appropriate.
    (b) Subject to IC 21-9-6-3, money in the administrative accountshall be used first to pay the general operating, administrative, andcapital expenses of the authority. Before money in the programaccount may be used for these expenses, the authority must exhaustall other funds available to the authority, including money in theendowment fund and the administrative account.
As added by P.L.165-1996, SEC.1.

IC 21-9-5-9
Annual audit of authority
    Sec. 9. (a) The funds, accounts, management, and operations ofthe authority are subject to annual audit by an independent publicaccounting firm retained by the board.
    (b) The authority shall promptly transmit copies of each annualaudit to the governor and the general assembly. Upon request, theauthority shall make available copies of the audit to qualifiedbeneficiaries, account owners, and the public.
As added by P.L.165-1996, SEC.1.