Tennessee Code Title 49. Education § 49-4-203

(1)(A) Administer the provisions under law of state awards of financial assistance programs to students who are residents of this state under the terms and conditions prescribed in this part and in parts 3 and 6-9 of this chapter;

(B) Review and evaluate the administration of each financial assistance program at participating postsecondary institutions to ensure the programs are administered pursuant to applicable laws, rules, and regulations;

(2)(A) Receive any gifts, contributions and donations from groups or individuals or from corporations or foundations or from Tennessee student assistance corporation program-generated revenues and administer those funds in accordance with rules and regulations promulgated by the corporation;

(B) The Tennessee student assistance corporation shall have authority to establish endowments for the purpose of funding scholarships and name scholarships or programs funded pursuant to gifts, contributions, or donations received pursuant to subdivision (2)(A) for distinguished United States citizens;

(C) All funds received pursuant to subdivision (2)(A) shall be invested as directed by the state treasurer in investments, including, but not limited to, the state pooled investment fund established by § 9-4-603 and the intermediate-term investment fund established by § 9-4-608 for the benefit of the programs established pursuant to subdivision (2)(A).

(4)(A) Administer the Tennessee academic scholars program for students enrolled in an eligible program of study, as defined in § 49-4-902, and in accordance with guidelines approved by the Tennessee student assistance corporation;

(B) All funds appropriated for the Tennessee academic scholars program shall be placed in an endowment fund, the income from which shall be used to provide scholarships for superior students in accordance with program guidelines established pursuant to subdivision (4)(A). The corpus of the endowment shall not be expended. Public and private institutions will participate and will match program funds on a dollar-for-dollar basis. Matching funds may be, but are not required to be, placed into the endowment;

(C) The Tennessee academic scholars program endowment shall be invested as directed by the state treasurer in investments, including, but not limited to, the state pooled investment fund established by § 9-4-603 and the intermediate-term investment fund established by § 9-4-608; and