lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In 11 Guam Code Ann. § 53108

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(a) There is established the Guam ABLE Savings Program Trust Fund (Fund) within the Treasury of Guam. The Fund shall consist of monies received from an ABLE savings program manager, any governmental or private grants, and any General Fund appropriations for the program.

(b) The Fund shall be used if the Director elects to accept deposits from contributors, rather than have deposits sent directly
to the program manager. The Fund shall consist of any monies deposited by contributors in accordance with this Chapter which are not deposited directly with the program manager.

(c) All interest derived from the deposit and investment of monies in the Guam ABLE Savings Program Trust Fund shall be credited to the Fund. At the end of any fiscal year, all unexpended and unencumbered monies in the Guam ABLE Savings Program Trust Fund shall remain in the Guam ABLE Savings Program Trust Fund and shall not be credited or transferred to the General Fund, or any other fund.

(d) All expenses incurred by the Director in developing and administering the ABLE savings program shall be payable from the Guam ABLE Savings Program Trust Fund.

  Previous section
Next section  
 Chapter 53 Contents