§ 16-33C-24 — Able Program Generally

Alabama § 16-33C-24

• Jurisdiction: Alabama
• Title 16: Education
• Ch. 33C: Wallace-Folsom Prepaid College Tuition Trust Fund

Text

(a) The ABLE Program includes the ABLE Trust Fund, and may be marketed under a different name than ABLE. The ABLE Trust Fund is hereby created and comprised of separate ABLE Savings Accounts established pursuant to this chapter. The ABLE Trust Fund receives contributions to ABLE Savings Accounts. One or more persons may make contributions to an ABLE Savings Account.
(b) Available sources of funds, public or private, including any administrative fees received from ABLE contracting parties, shall be deposited in the State Treasury Operations Fund. All ABLE Program expenses, including operating, administrative and marketing, shall be paid from the State Treasury Operations Fund. For reporting purposes, ABLE Program expenses will be segregated by unit or such other accounting method as provided in the State’s STAARS system, or similar system.
(c) Property and income of the ABLE Program and ABLE Trust Fund shall be exempt from all taxation by the state and by all of its political subdivisions.
(d) The Examiners of Public Accounts shall annually audit the ABLE Program.

Legislative History

(Act 2015-442, §2.)