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:

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.