28B.76.505 - Scholarship endowment programs -- Administration of funds.

Scholarship endowment programs — Administration of funds.

(1) The investment of funds from all scholarship endowment programs administered by the higher education coordinating board shall be managed by the state investment board.

     (2) The state investment board has the full power to invest, reinvest, manage, contract, sell, or exchange investment money in scholarship endowment funds. All investment and operating costs associated with the investment of a scholarship endowment fund shall be paid pursuant to RCW 43.33A.160 and 43.84.160. With the exception of these expenses, the earnings from the investments of the fund belong to the fund.

     (3) Funds from all scholarship endowment programs administered by the board shall be in the custody of the state treasurer.

     (4) All investments made by the state investment board shall be made with the exercise of that degree of judgment and care pursuant to RCW 43.33A.140 and the investment policies established by the state investment board.

     (5) As deemed appropriate by the state investment board, money in a scholarship endowment fund may be commingled for investment with other funds subject to investment by the state investment board.

     (6) The authority to establish all policies relating to scholarship endowment funds, other than the investment policies in subsections (2) through (5) of this section, resides with the higher education coordinating board.

     (7) The higher education coordinating board may request and accept moneys from the state investment board. With the exception of expenses of the state investment board in subsection (2) of this section, disbursements from the fund shall be made only on the authorization of the higher education coordinating board, and money in the fund may be spent only for the purposes of the endowment programs as specified in the authorizing chapter of each program.

     (8) The state investment board shall routinely consult and communicate with the higher education coordinating board on the investment policy, earnings of the scholarship endowment funds, and related needs of the programs.

[2007 c 73 § 1.]