reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 13. Definitions › 21-7-13-29. Repealed

[2007 Higher Education Recodification Citation: New.]
As added by P.L.2-2007, SEC.243. Amended by P.L.3-2008, SEC.129. Repealed by P.L.174-2018, SEC.7.
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 13. Definitions › 21-7-13-29.5. "Research Intensive Campus"

Sec. 29.5. "Research intensive campus" means a campus of a state educational institution that is classified or designated as a Research University (very high research activity) or a Research University (high research activity) or an equivalent successor designation that is established by the Carnegie Foundation for the Advancement of Teaching.
As added by P.L.29-2012, SEC.1.
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 13. Definitions › 21-7-13-30. "School Corporation"

Sec. 30. "School corporation" has the meaning set forth in IC 20-18-2-16(a).
[2007 Higher Education Recodification Citation: New.]
As added by P.L.2-2007, SEC.243.
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 13. Definitions › 21-7-13-31.5. "State Accredited Nonpublic School"

Sec. 31.5. "State accredited nonpublic school" means a nonpublic school that has voluntarily become accredited under IC 20-31-4.1.
As added by P.L.92-2020, SEC.98.
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 13. Definitions › 21-7-13-32. "State Educational Institution"

Sec. 32. (a) "State educational institution" means any university, college, or other educational institution:
(1) existing on or after March 29, 1971;
(2) in Indiana;
(3) that provides programs of:
(A) collegiate or university education; or
(B) other postsecondary education; and
(4) that is supported in whole or in part by appropriations made by the general assembly.
(b) The term refers to the following:
(1) Ball State University.
(2) Indiana State University.
(3) Indiana University.
(4) Ivy Tech Community College.
(5) Purdue University.
(6) University of Southern Indiana.
(7) Vincennes University.
[Pre-2007 Higher Education Recodification Citation: 20-12-0.5-1 part.]
As added by P.L.2-2007, SEC.243.
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 13. Definitions › 21-7-13-34. Repealed

[2007 Higher Education Recodification Citations: New; Pre-2007 Higher Education Recodification Citation: 20-12-21-3(11).]
As added by P.L.2-2007, SEC.243. Repealed by P.L.43-2021, SEC.138.
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 13. Definitions › 21-7-13-35. "University of Southern Indiana"

Sec. 35. "University of Southern Indiana" refers to the state educational institution established under IC 21-24-2.
[2007 Higher Education Recodification Citation: New.]
As added by P.L.2-2007, SEC.243.
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 13. Definitions › 21-7-13-36. "Vincennes University"

Sec. 36. "Vincennes University" refers to the state educational institution established under IC 21-25-2.
[2007 Higher Education Recodification Citation: New.]
As added by P.L.2-2007, SEC.243.
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 13. Definitions › 21-7-13-37. "Vocational Education"

Sec. 37. "Vocational education" has the meaning set forth in IC 21-18-1-7.
[2007 Higher Education Recodification Citation: New.]
As added by P.L.2-2007, SEC.243.
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 14. Indiana University Permanent Endowment Fund › 21-7-14-1. Application

Sec. 1. This chapter applies to money in the fund.
[Pre-2007 Higher Education Recodification Citation: 21-7-4.5-1.]
As added by P.L.2-2007, SEC.244.
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 14. Indiana University Permanent Endowment Fund › 21-7-14-2. "Fund"

Sec. 2. As used in this chapter, "fund" refers to the Indiana University permanent endowment fund in the custody of the treasurer of state.
[Pre-2007 Higher Education Recodification Citation: 21-7-4.5-2.]
As added by P.L.2-2007, SEC.244.
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 14. Indiana University Permanent Endowment Fund › 21-7-14-3. Treasurer of State to Hold Fund; State Board of Finance to Manage Fund

Sec. 3. (a) The treasurer of state is the exclusive custodian of the fund.
(b) The state board of finance has full and complete management and control of the fund. The state board of finance shall invest the fund as provided in IC 20.
[Pre-2007 Higher Education Recodification Citation: 21-7-4.5-3.]
As added by P.L.2-2007, SEC.244.
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 14. Indiana University Permanent Endowment Fund › 21-7-14-4. Fund Investment

Sec. 4. Except as provided in this chapter, the fund shall be invested in:
(1) bonds, notes, certificates, and other valid obligations of the United States;
(2) bonds, notes, debentures, and other securities issued by any federal instrumentality and fully guaranteed by the United States;
(3) bonds, notes, certificates, and other valid obligations of any state of the United States or any county, township, city, town, or other political subdivision in Indiana that are issued under law, the issuers of which, for five (5) years before the date of the investment, have promptly paid the principal and interest on their bonds and other legal obligations in lawful money of the United States; or
(4) bonds, notes, or other securities issued by the Indiana bond bank and described in IC 5-13-10.5-11(3).
[Pre-2007 Higher Education Recodification Citation: 21-7-4.5-4.]
As added by P.L.2-2007, SEC.244.
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 14. Indiana University Permanent Endowment Fund › 21-7-14-5. Disbursements From Fund; Deposit of Securities

Sec. 5. (a) The state board of finance shall direct all disbursement from the fund. The auditor of state shall draw the auditor of state's warrant on the treasurer of state, on a properly itemized voucher officially approved by:
(1) the president of the state board of finance; or
(2) any member of the state board of finance if the president is absent.
(b) Except as otherwise provided by this chapter, all securities purchased for the fund shall be deposited with and remain in the custody of the state board of finance. The state board of finance shall collect all interest or other income accruing on the securities, when due, together with the principal of the securities when the principal matures and is due. Except as provided by subsection (c), all money collected under this subsection shall be credited to the proper fund account on the records of the auditor of state, and the collection shall be deposited with the treasurer of state and reported to the state board of finance.
(c) All money collected under an agreement that is sold, transferred, or liquidated under IC 20-49-4-23 shall be immediately transferred to the purchaser, transferee, or assignee of the agreement.
[Pre-2007 Higher Education Recodification Citation: 21-7-4.5-5.]
As added by P.L.2-2007, SEC.244.
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 14. Indiana University Permanent Endowment Fund › 21-7-14-6. State Board of Finance; Powers; Rulemaking

Sec. 6. (a) The state board of finance may:
(1) make all rules;
(2) employ all help;
(3) purchase all supplies and equipment; and
(4) incur all expense;
necessary to properly carry out this chapter.
(b) The expense incident to the administration of this chapter shall be paid from any money in the state treasury not otherwise appropriated upon the warrant of the auditor of state and issued on a properly itemized voucher approved by the president of the state board of finance.
[Pre-2007 Higher Education Recodification Citation: 21-7-4.5-6.]
As added by P.L.2-2007, SEC.244.
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 14. Indiana University Permanent Endowment Fund › 21-7-14-7. State Board of Accounts Examination of Fund

Sec. 7. The state board of accounts shall examine the status of the fund. Upon the completion of the examination, the examiners performing the duty shall prepare a report of the examination. The report must show:
(1) all necessary, pertinent information;
(2) the balance of the fund's principal at the close of the previous examination;
(3) the amount of interest and principal paid by each county to the state board of finance since the close of the previous examination;
(4) the balance of principal due at the date of closing of the report;
(5) a statement of receipts and disbursements by the state board of finance;
(6) a list of the securities found to be possessed by the state board of finance;
(7) the amount of each security; and
(8) the total amount of all the securities held in custody.
The appropriate officer of the state board of finance shall sign the list described in subdivision (6) in duplicate. The original signed list shall be deposited with the state board of accounts, and the duplicate of the signed list shall be kept in the files of the treasurer of state.
[Pre-2007 Higher Education Recodification Citation: 21-7-4.5-7.]
As added by P.L.2-2007, SEC.244. Amended by P.L.181-2015, SEC.42.
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 14. Indiana University Permanent Endowment Fund › 21-7-14-8. Loans From Fund

Sec. 8. Notwithstanding any other law, the treasurer of state:
(1) on the terms that the treasurer of state prescribes; and
(2) without the approval of the state board of finance;
may make loans from the principal of the fund to the fund's board of trustees.
[Pre-2007 Higher Education Recodification Citation: 21-7-4.5-9.]
As added by P.L.2-2007, SEC.244.
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 14. Indiana University Permanent Endowment Fund › 21-7-14-9. Loans From Fund; Security

Sec. 9. The auditor of state shall loan as much of the fund as is not at any time absorbed by the nonnegotiable bonds of the state issued under this chapter at six percent (6%) interest, payable annually in advance in real estate security. Except as otherwise provided in this chapter, in making loans and disbursing the interest collected, the treasurer of state and the auditor of state are governed by the law in force regulating the manner of making loans of the university funds and paying out interest collected.
[Pre-2007 Higher Education Recodification Citation: 21-7-3-4.]
As added by P.L.2-2007, SEC.244.
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 14. Indiana University Permanent Endowment Fund › 21-7-14-10. Loans From Fund; Records

Sec. 10. (a) The auditor of state shall make a complete record of every mortgage and note executed on account of any loan from the fund, in a book to be kept in the auditor of state's office for that purpose.
(b) On payment of any loan to the fund, the auditor of state shall:
(1) enter a record of satisfaction in full on the margin of the record of the mortgage and sign the record; and
(2) enter satisfaction in full on the face of the mortgage.
(c) The mortgage, when presented by the mortgagor or any person holding title under the mortgagor, to the recorder of the county in which the land mortgaged is located, authorizes the recorder of the county to copy the entry on the record in the recorder's office.
[Pre-2007 Higher Education Recodification Citation: 21-7-3-5.]
As added by P.L.2-2007, SEC.244.
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 14. Indiana University Permanent Endowment Fund › 21-7-14-11. Loans From Fund; State Bonds

Sec. 11. (a) If the state requires the loan of any part or all of the fund, the state is a preferred borrower of as much of the fund as is not loaned at the time.
(b) The treasurer of state shall cause to be executed, as evidence of a loan under this section, a nonnegotiable bond of the state for the amount borrowed, in the following manner:
(1) The bond must be signed by the governor and treasurer of state and attested by the secretary of state and the seal of the state.
(2) The bond must be made payable in fifty (50) years after the date of execution, at the option of the state.
(3) The bond shall bear five percent (5%) interest from the date of execution until paid.
(4) The interest on the bond must be:
(A) paid semiannually on May 1 and November 1 of each year;
(B) applied to the current and extraordinary expenses of Indiana University; and
(C) paid to the board of trustees under the same rules and regulations as is required by law in the payment of the revenues of Indiana University.
The nonnegotiable bond provided for in this section, when executed, must remain in the custody of the treasurer of state.
(c) If Indiana University is consolidated with any other educational institution or institutions of the state, or is removed from the location of the university as of June 5, 1883, for any cause, the funds raised under this chapter shall be held and used for the benefit of the institution, as consolidated or changed, notwithstanding the change or consolidation.
[Pre-2007 Higher Education Recodification Citation: 21-7-3-6.]
As added by P.L.2-2007, SEC.244.
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 14. Indiana University Permanent Endowment Fund › 21-7-14-12. Loans From Fund; Nonpayment; Suit for Collection

Sec. 12. Whenever:
(1) the auditor of state has made loans from the fund that were secured by a mortgage upon real property;
(2) the mortgaged premises are forfeited to the state for nonpayment of the amount due or are purchased for the state by the auditor of state for the benefit of the fund; and
(3) the mortgaged premises when sold fail to sell for a sum sufficient to satisfy the principal and interest of the loan and damages;
the auditor of state shall bring suit on the note executed by the mortgagor for the deficiency, for which the maker is liable. If judgment is rendered on the suit, an appraisement of property is not allowed on the execution issued on the judgment.
[Pre-2007 Higher Education Recodification Citation: 21-7-2-1 part.]
As added by P.L.2-2007, SEC.244.
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 15. Purdue University: Endowment Fund › 21-7-15-1. "Fund"

Sec. 1. As used in this chapter, "fund" refers to the endowment fund for Purdue University described in section 2 of this chapter.
[2007 Higher Education Recodification Citation: New.]
As added by P.L.2-2007, SEC.245.
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 15. Purdue University: Endowment Fund › 21-7-15-2. Treasurer of State to Hold Fund

Sec. 2. The treasurer of state shall take in charge, hold, manage, and invest, for the use and benefit of the board of trustees of Purdue University, its endowment fund, derived from acceptance, by the state of Indiana, of the benefits and provisions of the acts of Congress, approved July 2, 1862, and April 14, 1864.
[Pre-2007 Higher Education Recodification Citation: 21-7-11-1.]
As added by P.L.2-2007, SEC.245.
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 15. Purdue University: Endowment Fund › 21-7-15-3. Controlling Statutes for Fund

Sec. 3. The fund shall be held, managed, controlled, and invested in accordance with:
(1) 7 U.S.C. 301 et seq.;
(2) the acts of Congress that are amendatory or supplemental to 7 U.S.C. 301 et seq.; and
(3) this chapter.
[Pre-2007 Higher Education Recodification Citation: 21-7-11-2.]
As added by P.L.2-2007, SEC.245.
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 15. Purdue University: Endowment Fund › 21-7-15-4. Fund Investment

Sec. 4. The fund or any part of the fund may be invested in securities bearing the rate of interest that is obtainable as follows:
(1) In bonds, notes, or certificates that are the obligations of, or guaranteed by, the United States.
(2) In:
(A) bonds of any territory or insular possession of the United States;
(B) bonds, notes, warrants, certificates, or orders of the state of Indiana; or
(C) any political subdivision, instrumentality, or agency of the state of Indiana;
issued under authority of law.
[Pre-2007 Higher Education Recodification Citation: 21-7-11-3(a).]
As added by P.L.2-2007, SEC.245.
2023 Indiana Code › Title 21. Higher Education › Article 7. State Universities › Chapter 15. Purdue University: Endowment Fund › 21-7-15-5. Loans From Fund

Sec. 5. Notwithstanding any other law to the contrary, the treasurer of state:
(1) on the terms that the treasurer of state prescribes; and
(2) without the approval of the state board of finance;
may make loans from the principal of the fund to the board of trustees of Purdue University.
[Pre-2007 Higher Education Recodification Citation: 21-7-11-3(b).]
As added by P.L.2-2007, SEC.245.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 1. Purposes › 21-9-1-1. Purposes of Article

Sec. 1. The following are the purposes of this article:
(1) To encourage education and the means of education.
(2) To encourage attendance at a college or university.
(3) To provide families additional means of striving for postsecondary education through an education savings program that may be established under this article.
(4) To help provide the benefits of postsecondary education to the people of Indiana.
(5) To promote the economic development of the state by creating opportunities for a more highly educated workforce.
(6) To increase employment opportunities in Indiana.
(7) To encourage a working partnership among the people of Indiana, including Indiana families, and elementary and secondary schools, colleges or universities, financial institutions, and state government in furthering a greater rate of savings and greater participation in higher education.
As added by P.L.165-1996, SEC.1. Amended by P.L.85-2000, SEC.1; P.L.135-2002, SEC.2; P.L.2-2007, SEC.246.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 2. Definitions › 21-9-2-2. "Account" or "Individual Account"

Sec. 2. "Account" or "individual account" means a trust account or any other account of an education savings program.
As added by P.L.165-1996, SEC.1. Amended by P.L.135-2002, SEC.3.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 2. Definitions › 21-9-2-3. "Account Beneficiary"

Sec. 3. "Account beneficiary" means the individual who is:
(1) designated as the beneficiary of an account at the time the account is established under this article; and
(2) designated as the new beneficiary when beneficiaries are changed.
As added by P.L.165-1996, SEC.1. Amended by P.L.25-1999, SEC.1.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 2. Definitions › 21-9-2-4. "Account Owner"

Sec. 4. "Account owner" means the individual, an emancipated minor, a trust, an estate, a partnership, an association, a company, a corporation, or a qualified custodian under the Uniform Transfers to Minors act (IC 30-2-8.5) that is designated as having the right to do the following:
(1) Select or change the designated beneficiary of an account.
(2) Designate a person other than the designated beneficiary as a person to whom funds may be paid from the account.
(3) Receive distributions from the account if no other person is designated.
As added by P.L.165-1996, SEC.1. Amended by P.L.25-1999, SEC.2; P.L.135-2002, SEC.4.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 2. Definitions › 21-9-2-6. "Administrative Account"

Sec. 6. "Administrative account" means the administrative account of the trust fund established under IC 21-9-5 that may be funded periodically from appropriations by the general assembly.
As added by P.L.165-1996, SEC.1.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 2. Definitions › 21-9-2-9.5. "Contribution"

Sec. 9.5. "Contribution" means a payment directly allocated to an account for the benefit of an account beneficiary or used to pay fees associated with the account.
As added by P.L.25-1999, SEC.3. Amended by P.L.135-2002, SEC.5.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 2. Definitions › 21-9-2-10. "Contributor"

Sec. 10. "Contributor" means any individual, emancipated minor, trust, estate, partnership, association, company, corporation, or qualified custodian under the Uniform Transfers to Minors act (IC 30-2-8.5) that makes a deposit for the benefit of an account beneficiary.
As added by P.L.165-1996, SEC.1. Amended by P.L.135-2002, SEC.6.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 2. Definitions › 21-9-2-11. "Education Savings Program"

Sec. 11. "Education savings program" means:
(1) a trust program; or
(2) any other program established under IC 21-9-3 that qualifies as a qualified state tuition program under Section 529 of the Internal Revenue Code.
As added by P.L.165-1996, SEC.1. Amended by P.L.85-2000, SEC.2; P.L.135-2002, SEC.7.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 2. Definitions › 21-9-2-12. "Endowment Fund"

Sec. 12. "Endowment fund" means the endowment fund established under IC 21-9-5 for the benefit of the education savings programs that:
(1) may be funded periodically from gifts, bequests, devises, or other donations, or from any source not otherwise provided for; and
(2) may not include any appropriations by the general assembly.
As added by P.L.165-1996, SEC.1.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 2. Definitions › 21-9-2-14. "Financial Institution"

Sec. 14. "Financial institution" means a bank, a commercial bank, a national bank, a savings bank, a savings and loan, a thrift, a credit union, an insurance company, a trust company, an investment company, a mutual fund, or similar entity that meets the qualifying requirements established by the authority.
As added by P.L.165-1996, SEC.1. Amended by P.L.135-2002, SEC.8.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 2. Definitions › 21-9-2-15. "General Operating Fund"

Sec. 15. "General operating fund" means the general operating fund established under IC 21-9-5 from which general operating, administrative, and capital expenses (other than those payable from the administrative account) may be paid.
As added by P.L.165-1996, SEC.1.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 2. Definitions › 21-9-2-17.5. "Member of the Family"

Sec. 17.5. (a) "Member of the family" means an individual who is one (1) of the following relatives of a designated beneficiary:
(1) A lineal descendant of the designated beneficiary.
(2) A lineal ancestor of the designated beneficiary.
(3) A brother, sister, stepbrother, or stepsister of the designated beneficiary.
(4) A stepparent of the designated beneficiary.
(5) A stepchild of the designated beneficiary.
(6) A niece or nephew of the designated beneficiary.
(7) An aunt or uncle of the designated beneficiary.
(8) An individual related to the designated beneficiary as follows:
(A) A daughter-in-law.
(B) A son-in-law.
(C) A mother-in-law.
(D) A father-in-law.
(E) A sister-in-law.
(F) A brother-in-law.
(G) A first cousin.
(9) The spouse of the designated beneficiary or the spouse of an individual described in subdivisions (1) through (8).
(b) For purposes of this section, an adopted child of an individual is treated as a natural child of the individual.
(c) For purposes of this section, the terms brother and sister include a brother or sister by the half blood.
As added by P.L.25-1999, SEC.5. Amended by P.L.135-2002, SEC.11.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 2. Definitions › 21-9-2-18. "Program Account"

Sec. 18. "Program account" means the program account of the trust fund established under IC 21-9-5. A program account is comprised of:
(1) trust accounts; and
(2) other contributions or money received in trust by the authority together with allocable earnings (whether interest, gains, or dividends) and other contributions appropriately made or money properly allocable to the program account.
As added by P.L.165-1996, SEC.1. Amended by P.L.135-2002, SEC.12.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 2. Definitions › 21-9-2-19.5. "Qualified Higher Education Expenses"

Sec. 19.5. "Qualified higher education expenses" has the meaning set forth in Section 529 of the Internal Revenue Code.
As added by P.L.25-1999, SEC.6. Amended by P.L.135-2002, SEC.13.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 2. Definitions › 21-9-2-19.7. "Rollover Distribution"

Sec. 19.7. "Rollover distribution" means a rollover as defined in Section 529 of the Internal Revenue Code.
As added by P.L.25-1999, SEC.7. Amended by P.L.135-2002, SEC.14.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 2. Definitions › 21-9-2-23. "Trust Fund"

Sec. 23. "Trust fund" means the trust fund created under IC 21-9-5 for purposes of any trust program under IC 21-9-7 and IC 21-9-8.
As added by P.L.165-1996, SEC.1. Amended by P.L.135-2002, SEC.16.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 3. Indiana Education Savings Authority › 21-9-3-2. Authority as Body Corporate and Politic; Not Agency of State

Sec. 2. (a) The authority is a body corporate and politic.
(b) The authority:
(1) is not an agency of the state; and
(2) is an instrumentality of the state performing essential governmental functions.
As added by P.L.165-1996, SEC.1.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 3. Indiana Education Savings Authority › 21-9-3-3. Establishment of Education Savings Programs

Sec. 3. The authority may establish any number of education savings programs.
As added by P.L.165-1996, SEC.1. Amended by P.L.85-2000, SEC.3; P.L.135-2002, SEC.17.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 3. Indiana Education Savings Authority › 21-9-3-4. Exemptions From State Taxation

Sec. 4. Because the management and operation of the education savings programs and all funds and accounts established under this article constitute the performance of an essential public function, the following are exempt from taxation by the state and by any political subdivision of the state:
(1) The authority's management and operations.
(2) The authority's property and assets.
(3) All property and assets held by or for the authority except individual accounts.
(4) The investment income and earnings (whether interest, gains, or dividends) on:
(A) the authority's property and assets; and
(B) all property and assets held by or for the authority;
including all funds and accounts established under this article except individual accounts.
As added by P.L.165-1996, SEC.1.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 3. Indiana Education Savings Authority › 21-9-3-5. Power to Contract

Sec. 5. The authority may contract with public or private entities or persons for the provision of all or any portion of the services the board considers necessary for the management and operations of the authority, including the education savings programs and all funds and accounts of the authority.
As added by P.L.165-1996, SEC.1.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 4. Authority Board of Directors and Officers › 21-9-4-1. Board of Directors; Members; Vacancy; Chairperson; Removal

Sec. 1. (a) The board of directors of the authority is established. The board consists of the following:
(1) The following four (4) ex officio members or directors:
(A) The treasurer of state.
(B) The secretary of education.
(C) The Indiana commissioner for higher education.
(D) The budget director.
(2) Five (5) appointed members or directors who:
(A) are appointed by the governor; and
(B) have knowledge, skill, and experience in academic, business, financial, or education fields.
(b) During a member's term of service on the board, an appointed member of the board may not be an official or employee of the state.
(c) Not more than three (3) of the appointed members of the board may belong to the same political party.
(d) An appointed member serves a four (4) year term. An appointed member shall hold over after the expiration of the member's term until the member's successor is appointed and qualified.
(e) The governor may reappoint an appointed member of the board.
(f) A vacancy shall be filled for the balance of an unexpired term in the same manner as the original appointment.
(g) The treasurer of state shall serve as chairman of the board. The board shall annually elect one (1) of its ex officio members as vice chairman, and may elect any other officer that the board desires.
(h) The governor may remove an appointed member for misfeasance, malfeasance, willful neglect of duty, or other cause after notice and a public hearing, unless the member expressly waives the notice and hearing in writing.
As added by P.L.165-1996, SEC.1. Amended by P.L.2-2007, SEC.247; P.L.43-2021, SEC.139.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 4. Authority Board of Directors and Officers › 21-9-4-2. Salary; Reimbursement

Sec. 2. (a) An appointed member of the board is not entitled to the minimum salary per diem provided by IC 4-10-11-2.1(b). Each appointed member is, however, entitled to reimbursement for traveling expenses and other expenses actually incurred in connection with the member's duties.
(b) An ex officio member of the board is entitled to reimbursement for traveling expenses and other expenses actually incurred in connection with the member's duties.
As added by P.L.165-1996, SEC.1.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 4. Authority Board of Directors and Officers › 21-9-4-3. Designation of Ex Officio Member

Sec. 3. An ex officio member of the board may designate a person to serve as an ex officio member of the board in the absence of the ex officio member.
As added by P.L.165-1996, SEC.1.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 4. Authority Board of Directors and Officers › 21-9-4-4. Power of Board to Employ Manager and Delegate Functions

Sec. 4. The board may:
(1) employ a manager, who is not a member of the board; and
(2) delegate necessary and appropriate functions and authority to the manager.
As added by P.L.165-1996, SEC.1.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 4. Authority Board of Directors and Officers › 21-9-4-5. Quorum; Meetings

Sec. 5. (a) Five (5) members of the board are a quorum for:
(1) the transaction of business at a meeting of the board; or
(2) the exercise of a power or function of the authority.
(b) The affirmative vote of a majority of all the members of the board who are present is necessary for the authority to take action. A vacancy in the membership of the board does not impair the right of a quorum to exercise all the rights and perform all the duties of the authority. An action taken by the board under this article may be authorized by:
(1) resolution at any regular or special meeting; or
(2) unanimous consent of all the members who have not abstained.
A resolution takes effect immediately upon adoption and need not be published or posted.
(c) The board shall meet at the call of the chairman and as provided in the bylaws of the authority.
(d) Meetings of the board may be held anywhere in Indiana.
As added by P.L.165-1996, SEC.1. Amended by P.L.134-2012, SEC.23.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 4. Authority Board of Directors and Officers › 21-9-4-6. Authority as Public Agency; Board as Governing Body

Sec. 6. (a) The authority is a public agency for purposes of IC 5-14-1.5 and IC 5-14-3.
(b) The board is a governing body for purposes of IC 5-14-1.5.
As added by P.L.165-1996, SEC.1.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 4. Authority Board of Directors and Officers › 21-9-4-7. Powers of Board

Sec. 7. In addition to any power granted by this article, the board has all powers necessary or convenient to carry out and effectuate the purposes and objectives of this article, the purposes and objectives of the education savings programs, and the powers delegated by law or executive order, including the following powers:
(1) To develop and implement the education savings programs and, notwithstanding any provision in this article to the contrary, other services consistent with the purposes and objectives of this article, through:
(A) rules or emergency rules adopted under IC 4-22-2; or
(B) rules, guidelines, procedures, or policies established by the board and approved by the commission for higher education.
(2) To conform the education savings programs and, notwithstanding any provision in this article to the contrary, services consistent with the purposes and objectives of this article, to the requirements of a qualified state tuition program set forth in Section 529 of the Internal Revenue Code and all applicable federal regulations, through:
(A) rules or emergency rules adopted under IC 4-22-2; or
(B) guidelines, procedures, or policies established by the board.
(3) To retain professional services, including the following:
(A) Financial advisers and managers.
(B) Custodians and other fiduciaries.
(C) Investment advisers and managers.
(D) Accountants and auditors.
(E) Consultants or other experts.
(F) Actuarial services providers.
(G) Attorneys.
(4) To establish minimum account deposit amounts (both initial and periodic).
(5) To employ persons, if the board chooses, and as may be necessary, and to fix the terms of their employment.
(6) To recommend legislation to the governor and general assembly.
(7) To apply for designation as a tax exempt entity under the Internal Revenue Code.
(8) To adopt such rules, bylaws, procedures, guidelines, and policies as are necessary to carry out the education savings programs and services and the authority's management and operations.
(9) To sue and be sued.
(10) To provide or facilitate provision of benefits and incentives for the benefit of qualified beneficiaries, account owners, contributors, or account beneficiaries as the board's resources allow or as are directed or provided for by the general assembly.
(11) To conform the education savings programs to federal tax advantages or incentives, as in existence periodically, to the extent consistent with the purposes and objectives of this article.
(12) To interpret, in rules, policies, guidelines, and procedures, the provisions of this article broadly in light of the purposes and objectives of this article.
(13) To charge, impose, and collect administrative fees and service charges in connection with any agreement, contract, or transaction under an education savings program or services.
(14) To have perpetual succession.
As added by P.L.165-1996, SEC.1. Amended by P.L.25-1999, SEC.8; P.L.135-2002, SEC.18; P.L.2-2007, SEC.248.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 4. Authority Board of Directors and Officers › 21-9-4-8. Annual Report by Authority

Sec. 8. The authority shall prepare an annual report for the education savings programs and services and promptly transmit the annual report to the governor and the general assembly. The authority shall make available, upon request, copies of the annual report to qualified beneficiaries, account owners, and the public. A report transmitted under this section to the general assembly must be in an electronic format under IC 5-14-6.
As added by P.L.165-1996, SEC.1. Amended by P.L.135-2002, SEC.19; P.L.28-2004, SEC.157.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 4. Authority Board of Directors and Officers › 21-9-4-9. Acceptance of Gifts, Bequests, Donations, and Devises by Authority

Sec. 9. (a) The authority may accept gifts, bequests, donations, and devises of personal and real property:
(1) as trustees for the maintenance, use, or benefit of the authority, the education savings programs, or the endowment fund; or
(2) to be administered for other public or charitable purposes for the benefit or use of account owners or account beneficiaries.
(b) The authority may receive, accept, hold, administer, and use any property transferred to the authority by gift, bequest, donation, or devise in accordance with the terms, conditions, obligations, liabilities, and burdens imposed on the gift, bequest, donation, or devise if, in the judgment of the board, the action is in the best interest of the authority, the education savings programs, the endowment fund, account owners, contributors, or account beneficiaries, as applicable.
(c) The authority may accept a gift, devise, donation, or bequest made for the purpose of providing an annuity on conditions consistent with the conditions set forth in IC 21-30-3-3 and IC 21-30-3-4 (relating to boards of trustees of state educational institutions).
(d) The authority may, if not inconsistent with the terms and conditions of a gift of real property:
(1) sell, convey, or otherwise dispose of the real property; and
(2) invest, reinvest, or use the proceeds as, in the judgment of the board, is of the greatest benefit to the authority, the education savings programs, the endowment fund, account beneficiaries, and account owners.
(e) When acting under the powers granted by this article and also with respect to the money in the endowment fund and the program account as provided in IC 21-9-5 and IC 21-9-7, the members serve as trustees of private trusts, subject to the terms and conditions of the trust program or the gift, bequest, donation, or devise and law applicable to private trusts.
As added by P.L.165-1996, SEC.1. Amended by P.L.135-2002, SEC.20; P.L.2-2007, SEC.249.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 4. Authority Board of Directors and Officers › 21-9-4-10. Duties of Manager of Authority

Sec. 10. A manager or another person designated by resolution of the authority:
(1) shall keep a record of the proceedings of the authority;
(2) shall be custodian of:
(A) all books, documents, and papers filed with the authority; and
(B) the minute book or journal of the authority; and
(3) may copy all minutes and other records and documents of the authority and may give certificates of the authority to the effect that the copies are true copies. A person who deals with the authority may rely upon the certificates.
As added by P.L.165-1996, SEC.1.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 4. Authority Board of Directors and Officers › 21-9-4-11. Surety Bond

Sec. 11. Before the adoption and implementation of any education savings program, the:
(1) chairman;
(2) vice chairman;
(3) manager; and
(4) any officer elected by the authority or member of the authority authorized by resolution to handle funds or sign checks;
shall execute a surety bond in the penal sum of one hundred thousand dollars ($100,000). The surety bond shall be conditioned upon the faithful performance of the duties of the office of the principal and shall be executed by a surety company authorized to transact business in Indiana. The authority shall pay the cost of the bonds.
As added by P.L.165-1996, SEC.1.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 4. Authority Board of Directors and Officers › 21-9-4-12. Duties of Authority

Sec. 12. The authority shall do the following:
(1) Provide the board and each member, officer, employee, consultant, counsel, and agent of the authority or the board a defense in a suit arising out of the performance of duties for or on behalf of the authority or the board, if the board determines that the duties were performed in good faith.
(2) Save a person described in subdivision (1) or the board harmless from any liability, cost, or damage in connection with an action arising out of the performance of duties for or on behalf of the authority or the board, including the payment of any legal fees, except where the liability, cost, or damage is predicated on, or arises out of, the bad faith of the person or the board, or is based on the person's or board's malfeasance in the performance of duties.
As added by P.L.165-1996, SEC.1.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 4. Authority Board of Directors and Officers › 21-9-4-13. Conflicts of Interest

Sec. 13. Notwithstanding any other law, it is not a conflict of interest or violation of any other law for a person to serve as a member of the authority. However, a member shall disclose a conflict of interest relating to actions of the authority as required and in a manner provided by IC 35-44.1-1-4.
As added by P.L.165-1996, SEC.1. Amended by P.L.126-2012, SEC.38.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 5. Funds and Accounts › 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.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 5. Funds and Accounts › 21-9-5-2. Investment Policies for General Operating Fund, Administrative Account, and Other Money

Sec. 2. The authority shall establish and implement investment policies 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.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 5. Funds and Accounts › 21-9-5-4. Investment Policies for Endowment Fund and Program Account

Sec. 4. The board shall establish and implement investment policies 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.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 5. Funds and Accounts › 21-9-5-5. Use of Trust Fund

Sec. 5. The trust fund and other property of the authority must be preserved, invested, and expended only under this article and may not be used for any other purpose. The trust fund shall be held in trust for account owners and account beneficiaries.
As added by P.L.165-1996, SEC.1.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 5. Funds and Accounts › 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 protection and income growth relative to expected tuition costs while providing for the actuarial soundness of the trust fund.
As added by P.L.165-1996, SEC.1.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 5. Funds and Accounts › 21-9-5-8. Payment of Authority's Expenses

Sec. 8. (a) General operating, administrative, and capital expenses of the authority may be paid from amounts appropriated for those purposes by the general assembly. Appropriations must be deposited in either the administrative account or the general operating fund, as the board determines to be appropriate.
(b) Subject to IC 21-9-6-3, money in the administrative account shall be used first to pay the general operating, administrative, and capital expenses of the authority. Before money in the program account may be used for these expenses, the authority must exhaust all other funds available to the authority, including money in the endowment fund and the administrative account.
As added by P.L.165-1996, SEC.1.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 5. Funds and Accounts › 21-9-5-9. Annual Audit of Authority

Sec. 9. (a) The funds, accounts, management, and operations of the authority are subject to annual audit by an independent public accounting firm retained by the board.
(b) The authority shall promptly transmit copies of each annual audit to the governor and the general assembly. Upon request, the authority shall make available copies of the audit to qualified beneficiaries, account owners, and the public.
As added by P.L.165-1996, SEC.1.
2023 Indiana Code › Title 21. Higher Education › Article 9. Education Savings Programs › Chapter 7. Indiana Family College Savings Programs › 21-9-7-1. Powers of Board

Sec. 1. In addition to any other powers granted by this article, the board has all powers necessary or convenient to carry out and effectuate the purposes and objectives of this chapter and IC 21-9-8, the purposes and objectives of an education savings program that may be established under this article, and the powers delegated by other laws or executive orders, including the following:
(1) To establish policies and procedures to govern distributions from accounts that are not:
(A) made on account of the death or disability of an account beneficiary;
(B) made on account of the receipt of a scholarship (or allowance or payment described in Section 135(d)(1)(B) or (C) of the Internal Revenue Code) by the account beneficiary to the extent the amount of the distribution does not exceed the amount of the scholarship, allowance, or payment; or
(C) rollovers.
(2) To establish penalties for withdrawals of money from accounts that are not used exclusively for the qualified higher education expenses of an account beneficiary unless a circumstance described in subdivision (1) applies.
(3) To establish policies and procedures regarding the transfer of individual accounts and the designation of substitute account beneficiaries.
(4) To establish policies and procedures for withdrawal of money from accounts for, or in reimbursement of, qualified higher education expenses.
(5) To enter into agreements with account owners, account beneficiaries, and contributors, with the agreements naming:
(A) the account owner; and
(B) the account beneficiary.
(6) To establish accounts for account beneficiaries. However:
(A) the authority shall establish a separate account for each account beneficiary; and
(B) an individual may be the beneficiary of more than one (1) account.
(7) To enter into agreements with financial institutions relating to accounts as well as deposits, withdrawals, penalties, allocation of benefits or incentives, and transfers of accounts, account owners, and account beneficiaries.
(8) To conform the education savings program to federal tax advantages or incentives, as the advantages or incentives may exist periodically, to the extent consistent with the purposes and objectives of this article.
(9) To interpret, in rules, policies, guidelines, and procedures, the provisions of this article broadly considering the purposes and objectives of this article.
As added by P.L.165-1996, SEC.1. Amended by P.L.25-1999, SEC.9; P.L.135-2002, SEC.21.