New York Consolidated Laws, State Finance Law - STF § 78. New York state college choice tuition savings program trust fund

1. There is hereby established in the sole custody of the state comptroller a special fund to be known as the New York state college choice tuition savings program trust fund. All payments from such fund shall be made in accordance with article fourteen-A of the education law and the memorandum of understanding entered into pursuant thereto on the audit of the state comptroller.

2. The fund shall be a trust fund and shall consist of a trust account and an operating account. The trust account shall include amounts received by the New York state college choice tuition savings program pursuant to tuition savings agreements, administrative charges, fees, and all other amounts received by the program from other sources, and interest and investment income earned by the trust fund. The comptroller shall, from time to time, make transfers from the trust account to the operating account for the immediate payment of obligations under tuition savings agreements, operating expenses and administrative costs of the New York state college choice tuition savings program. Administrative costs shall be paid out of the operating account according to the terms and conditions established pursuant to the provisions of section six hundred ninety-five-c of the education law.

4. The comptroller shall provide for the administration of the trust fund, including maintaining participant records and accounts, and providing annual audited reports. The comptroller may enter into contracts to provide administrative services and reporting.