California Code of Regulations › Title 5 - Education › Division 4.5 - Scholarshare Investment Board › Chapter 1.5 - California Scholarshare Advancement Vehicle for Education Program › Section 30960 - Definitions Applicable to CalSAVE Program

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Existing Definitions: The following term is
				defined in Section
				69980 of the
				Education Code: Board.
The following terms, as used in these regulations, are defined in
				  the Internal Revenue Code Section
				  529 of 1986, under Title 26: Qualified
				  Higher Education Expenses, Eligible Educational Institution, Designated
				  Beneficiary.
The following term is defined in California Education Code
				  sections
				  68000-
				  68084,
				  68120-
				  68134, and
				  89705-
				  89707.5, and
				  California Code of Regulations, Title 5, sections
				  41900-41916: California
				  Residency.
(b) Additional
				Definitions. The following definitions shall also apply to the CalSAVE Program:
Beneficiary Group -- shall refer to a specific group of students
				  deemed eligible by the Board to receive CalSAVE Scholarships for whom a Subaccount
				  within the CalSAVE Account has been created, as defined in Education Code section
				  69981(d)(1).
CalSAVE -- shall refer to the California Scholarshare Advancement
				  Vehicle for Education program of 2008 (Senate Bill 1457) as defined in Education
				  Code section
				  69981(d).
CalSAVE Account -- shall refer to the account as defined in
				  Education Code section
				  69981(d)(2).
CalSAVE Scholarship -- shall refer to monies distributed from the
				  CalSAVE Account by the Board to Beneficiary Groups.
Cash -- shall include but not be limited to checks (except for
				  travelers checks, third-party checks exceeding $10,000, money orders, or cashier's
				  checks), and electronic funds transfers.
Donor -- shall refer to individuals or groups who make cash
				  contributions to the CalSAVE account as defined in Education Code section
				  69981(d)(2).
Eligibility Criteria -- shall refer to the criteria developed and
				  utilized by the Board to determine Student eligibility for a CalSAVE
				  Scholarship.
Eligible Partner -- shall refer to a private or public
				  organization that the Board elects to contract with to disburse CalSAVE
				  Scholarships. Eligible Partners may include, but are not limited to, higher
				  education institutions, public entities, private entities, organizations, agencies,
				  non-profits, and community based organizations.
Subaccount -- shall refer to an individual account created within
				  the CalSAVE Account for a specific Beneficiary Group as referenced in Education Code
				  section
				  69981(d)(2).
Student -- shall refer to a student potentially eligible to
				  receive a CalSAVE Scholarship.
Voluntary Contribution -- shall refer to all cash contributed to
				  the CalSAVE Account or Subaccounts by individuals and groups as defined in Education
				  Code section
				  69981(d)(2).
1. New chapter 1.5
				  (sections 30960-30964) and section filed
				  8-30-2010; operative 9-29-2010 (Register 2010, No.
				  36).
Note: Authority cited: Sections
					 69980 and
					 69982, Education
					 Code. Reference: Section
					 69981, Education
					 Code.