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- Alaska Statutes.
- Title 14. Education, Libraries, and Museums
- Chapter 40. The University of Alaska, the Community Colleges, and the Alaska Aerospace Development Corporation
- Section 809. Powers and Duties of the University of Alaska.
previous: Section 807
. Contribution to the Alaska Advance College Tuition Savings Fund.
next: Section 810
. [Renumbered as AS 14.43.250
AS 14.40.809. Powers and Duties of the University of Alaska.
- (a) The Board of Regents of the University of Alaska may contract with a purchaser for the purchase of advance college
tuition credits for the payment of tuition and other qualified higher education expenses for a beneficiary of any age
to attend a branch of the university or other eligible educational institution to which the beneficiary is admitted. A
purchaser and a beneficiary may be the same person.
- (b) The board shall
- (1) make appropriate arrangements as necessary to fulfill the board's obligations under an advance college tuition savings
- (2) establish and adopt a formal plan for administration of the advance college tuition savings program; the terms and
conditions of the plan shall be considered a part of an advance college tuition savings contract;
- (3) establish investment objectives, criteria, and asset allocation guidelines for the fund based on prudent institutional
investor guidelines and actuarial analysis of the earnings requirements for the advance college tuition savings plan;
- (4) enter into contracts or agreements considered necessary for the investment of the fund, including contracts or
agreements with investment managers, consultants, and other custodians of the fund;
- (5) engage a financial advisor to annually report on the investment performance of the fund;
- (6) engage an independent firm of certified public accountants to audit the financial position of the fund;
- (7) do all acts, whether or not expressly authorized, that the board considers necessary or proper in administering the
assets of the fund;
- (8) enter into reciprocal agreements with Sheldon Jackson College, Alaska Pacific University, and other eligible
educational institutions or state tuition programs that the board determines to be beneficial to the advance college
tuition savings program;
- (9) coordinate savings options established under the Alaska advance college tuition savings program and the administration
of the fund with the Alaska Higher Education Savings Trust (AS 14.40.802
) including the creation of common administrative and record-keeping systems, marketing programs, and operating
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