September 23-24, 2004

 

ITEM 124-109-R0904����������������� Amendment to Board of Regents Policy 950.2 � Montana Family Education Savings Program

 

THAT:�������������������������������������� Board of Regents Policy 950.2 � Montana Family Education Savings Program is amended to include the following:

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����������������������������������������������� III. Procedures

Fees

6.����� Use of Fees.� Any fees collected under these provisions and remitted to the Board of Regents shall be placed in a state special revenue account and shall only be used for costs of program administration, scholarships, and other uses as specifically directed by the Board of Regents.

 

EXPLANATION:����������������������� The current policy is silent regarding the disposition of fees collected under the Montana Family Education Savings Program.� This addition will clarify that any fees collected shall be deposited in a state special revenue fund and be designated by the board for program administration, scholarships, and other uses specifically directed by the Board of Regents.� The budget for these funds will be included as part of the OCHE operating budget each year.