OAR 575-060-0020: Accountability and Record Keeping

(1) For a program where the Commission is the disbursing agent, the Commission shall establish a separate account within the Oregon Student Assistance Fund (ORS 348.570). All monies in the account shall be placed with the State Treasurer, who will hold and invest these monies as provided in ORS 348.580. Any interest that may accrue to such an account while on deposit with the State Treasurer will be used only for awards and administrative expenses of the account. (2) Subject to the terms of the governing instruments and applicable law, the Commission may enter into agreements with one or more community foundations in Oregon to assume the management of the privately funded student aid programs of the Commission. The Commission may transfer to the community foundation any or all gifts or scholarship grants received by the Commission from any private donor. (3) For any scholarship fund whose assets are transferred to the Commission, the prior trustee shall be responsible for any forms, notices, or taxes which should have been filed or paid for the taxable years during which the prior trustee administered the fund. (4) The Commission shall maintain sufficient records to document its activities relating to each private award program. The Commission shall provide an annual report to each donor or donor's designate. This report shall include a statement of earnings, disbursements made, and fund balances.