Title 23.1, Title 23.1. Institutions of Higher Education; Other Educational and Cultural Institutions

The board shall: 1. Administer the Plan established by this chapter; 2. Develop and implement programs for (i) the prepayment of undergraduate tuition, as defined in § 23.1-700, at a fixed, guaranteed level for application at a public institution of higher education; (ii) contrib…

A. As used in this section, "current obligations of the Plan" means amounts required for the payment of contract benefits or other obligations of the Plan, the maintenance of the Plan, and operating expenses for the current biennium. B. No act or undertaking of the board is a deb…

A. In acquiring, investing, reinvesting, exchanging, retaining, selling, and managing property for the benefit of the Plan, the board, and any person, investment manager, or committee to whom the board delegates any of its investment authority, shall act as trustee and shall exer…

A. Each prepaid tuition contract made pursuant to this chapter shall include the following terms and provisions: 1. The amount of payment or payments and the number of payments required from a purchaser on behalf of a qualified beneficiary; 2. The terms and conditions under which…

A. As used in this section: "Funded status" means the ratio of the assets of the Plan to the actuarially estimated value of tuition obligations of the Plan, expressed as a percentage. "Pricing reserve" means the percentage by which the actuarially determined prepaid tuition contr…

The assets of the Plan and their income are exempt from state and local taxation.

On or before December 15, the board shall post on its website and submit to the Governor, the Senate Committee on Finance and Appropriations, and the House Committees on Appropriations and Finance an annual statement of the receipts, disbursements, and current investments of the …

The accounts and records of the board showing the receipt and disbursement of funds from whatever source derived shall be in such form as the Auditor of Public Accounts prescribes, provided that such accounts correspond as nearly as possible to the accounts and records for such m…

Nothing in this chapter or in any prepaid tuition contract or savings trust agreement entered into pursuant to this chapter shall be construed as a promise or guarantee: 1. By the board or the Commonwealth of any admission to, continued enrollment at, or graduation from any publi…

The Commonwealth, the agencies and localities of the Commonwealth and their subdivisions, and any employer in the Commonwealth may agree, by contract or otherwise, to remit payments or contributions on behalf of an employee toward prepaid tuition contracts or savings trust accoun…

Insofar as the provisions of this chapter are inconsistent with the provisions of any other general, special, or local law, the provisions of this chapter shall control. This chapter constitutes full and complete authority, without regard to the provisions of any other law, for p…