(1) The board shall implement the program through its staff, agreements with one (1) or more financial institutions engaged to act as the program’s depositories and managers, or through agreements with any public entity or agency, including depository, investment or management relationships with other 529 plans or entities.
(2)  The board shall implement the program and manage any trust established by the board consistent with sound financial principles and to obtain the federal income tax benefits or treatment provided by section 529 of the Internal Revenue Code of 1986, as amended.

Terms Used In Idaho Code 33-5403

  • Account: means an individual trust account or savings account established as prescribed in this chapter. See Idaho Code 33-5401
  • Account owner: means the person or state or local government organization designated in the agreement governing the account as having the right to withdraw moneys from the account before the account is disbursed to or for the benefit of the designated beneficiary. See Idaho Code 33-5401
  • Board: means the state college savings program board created in section 33-5402, Idaho Code. See Idaho Code 33-5401
  • Financial institution: means any state bank, national bank, savings bank, savings and loan association, credit union, insurance company, brokerage firm, trust company, mutual fund, investment firm or other similar entity that is authorized to do business in this state. See Idaho Code 33-5401
  • Program: means one (1) or more college savings programs established under this chapter. See Idaho Code 33-5401
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
(3)   Any financial institution engaged by the board shall hold each account in trust for the benefit of this state and the account owner.
(4)  The board may delegate to the office of a board member any of its administrative powers and duties, if the board determines that such delegation is necessary for the efficient and effective administration of the program and the board member accepts the delegation. Administrative powers and duties include payroll processing, routine public contacts and public records maintenance. The board member shall be compensated for administrative activities pursuant to section 33-5409, Idaho Code.