A. The board shall annually submit to the governor and to the appropriate interim legislative committee a report including:
(1) the board's fiscal transactions during the preceding fiscal year;
(2) the market value of the education trust fund as of the end of the preceding fiscal year;
(3) the asset allocations of the education trust fund expressed in percentages of stocks, fixed income securities, cash or other financial assets; and
(4) the rate of return on the investment of the education trust fund's assets during the preceding fiscal year.
B. The board shall make the report described by Subsection A of this section available to account owners.
History: Laws 1997, ch. 259, § 7; 1999, ch. 221, § 5; 2014, ch. 76, § 8.
ANNOTATIONSThe 2014 amendment, effective May 21, 2014, changed the reporting requirements; in Subsection A, Paragraph (2), after "the market", deleted "and book"; in Subsection A, deleted former Paragraph (5), which required that the annual report include an actuarial valuation of the assets and liabilities of the program, including the extent to which the program's liabilities are unfunded; in Subsection A, deleted former Paragraph (6), which required that the annual report include complete prepaid tuition contract sales information, including projected enrollments of beneficiaries at institutions of higher education; and in Subsection B, after "available to", deleted "purchasers of prepaid tuition contracts and investments under college investment agreements" and added "account owners".
The 1999 amendment, effective June 18, 1999, in Subsection A, deleted "Not later than November 1 of each year" from the beginning and substituted "The board shall annually submit" for "The board shall submit".