TO ALLOW NONPROFIT ORGANIZATIONS TO CONTRIBUTE TO A NEW OR EXISTING ARKANSAS BRIGHTER FUTURE FUND PLAN ACCOUNT; AND TO REQUIRE THE TREASURER OF STATE TO FACILITATE CONTRIBUTIONS BY A NONPROFIT ORGANIZATION.

Nonprofits can fund Arkansas family accounts

Charities with federal 501(c)(3) tax-exempt status can own or fund new or existing Arkansas Brighter Future Fund accounts. They can open accounts for one named beneficiary or an identifiable group of beneficiaries. Nonprofit account owners can choose or change beneficiaries, name someone to receive funds, or receive distributions when nobody else is named. For an account opened for one person, the nonprofit must let the parent or guardian decline the account and contributions. Opening an account requires an initial contribution and a signed, committee-approved application naming the owner and beneficiary. The Arkansas Treasurer must help nonprofits contribute to the fund and accounts, following Section 529 Plan Review Committee rules. The Treasurer must set up a process to collect information needed to open accounts, including Social Security numbers and birth dates. The Treasurer must keep that personal information and account details confidential.