{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/23.1-704.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/23.1-704.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/23.1-704.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/23.1-704.html"}],"law_id":86977,"edition_id":1,"section_id":86977,"structure_id":13113,"section_number":"23.1-704","catch_line":"Powers and duties of the board","history":"1994, c. 661, \u00a7 23-38.77; 1997, cc. 785, 861; 1998, cc. 61, 85; 1999, cc. 485, 518; 2000, cc. 382, 400; 2009, cc. 827, 845; 2015, cc. 227, 311; 2016, c. 588; 2019, cc. 803, 804.","full_text":"The board shall:\n\n1\n\nAdminister the Plan established by this chapter;2\n\nDevelop and implement programs for (i) the prepayment of undergraduate tuition, as defined in &#xA7; 23.1-700, at a fixed, guaranteed level for application at a public institution of higher education; (ii) contributions to college savings trust accounts established pursuant to this chapter on behalf of a qualified beneficiary in order to apply distributions from the account toward qualified higher education expenses, as that term is defined in &#xA7; 529 of the Internal Revenue Code of 1986, as amended, or other applicable federal law; and (iii) contributions to ABLE savings trust accounts established pursuant to this chapter on behalf of a qualified beneficiary in order to apply distributions from the account toward qualified disability expenses for an eligible individual, as both such terms are defined in &#xA7; 529A of the Internal Revenue Code of 1986, as amended, or other applicable federal law;3\n\nInvest moneys in the Plan in any instruments, obligations, securities, or property deemed appropriate by the board;4\n\nDevelop requirements, procedures, and guidelines regarding prepaid tuition contracts and savings trust accounts, including residency and other eligibility requirements; the number of participants in the Plan; the termination, withdrawal, or transfer of payments under a prepaid tuition contract or savings trust account; time limitations for the use of tuition benefits or savings trust account distributions; and payment schedules;5\n\nEnter into contractual agreements, including contracts for legal, actuarial, financial, and consulting services and contracts with other states to provide savings trust accounts for residents of contracting states;6\n\nProcure insurance as determined appropriate by the board (i) against any loss in connection with the Plan&#8217;s property, assets, or activities and (ii) indemnifying board members from personal loss or accountability from liability arising from any action or inaction as a board member;7\n\nMake arrangements with public institutions of higher education to fulfill obligations under prepaid tuition contracts and apply college savings trust account distributions, including (i) payment from the Plan of the appropriate amount of tuition on behalf of a qualified beneficiary of a prepaid tuition contract to the institution to which the beneficiary is admitted and at which the beneficiary is enrolled and (ii) application of such benefits toward graduate-level tuition and toward qualified higher education expenses, as that term is defined in 26 U.S.C. &#xA7; 529 or any other applicable section of the Internal Revenue Code of 1986, as amended, as determined by the board in its sole discretion;8\n\nDevelop and implement scholarship or matching grant programs, or both, as the board may deem appropriate, to further its goal of making higher education more affordable and accessible to all citizens of the Commonwealth;9\n\nApply for, accept, and expend gifts, grants, or donations from public or private sources to enable it to carry out its objectives;10\n\nAdopt regulations and procedures and perform any act or function consistent with the purposes of this chapter; and11\n\nReimburse, at its option, all or part of the cost of employing legal counsel and such other costs as are demonstrated to have been reasonably necessary for the defense of any board member, officer, or employee of the Plan upon the acquittal, dismissal of charges, nolle prosequi, or any other final disposition concluding the innocence of such member, officer, or employee who is brought before any regulatory body, summoned before any grand jury, investigated by any law-enforcement agency, arrested, indicted, or otherwise prosecuted on any criminal charge arising out of any act committed in the discharge of his official duties that alleges a violation of state or federal securities laws. The board shall provide for the payment of such legal fees and expenses out of funds appropriated or otherwise available to the board.","order_by":null,"text":{"0":{"id":311421,"text":"The board shall:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":311422,"text":"Administer the Plan established by this chapter;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":311423,"text":"Develop and implement programs for (i) the prepayment of undergraduate tuition, as defined in &#xA7; 23.1-700, at a fixed, guaranteed level for application at a public institution of higher education; (ii) contributions to college savings trust accounts established pursuant to this chapter on behalf of a qualified beneficiary in order to apply distributions from the account toward qualified higher education expenses, as that term is defined in &#xA7; 529 of the Internal Revenue Code of 1986, as amended, or other applicable federal law; and (iii) contributions to ABLE savings trust accounts established pursuant to this chapter on behalf of a qualified beneficiary in order to apply distributions from the account toward qualified disability expenses for an eligible individual, as both such terms are defined in &#xA7; 529A of the Internal Revenue Code of 1986, as amended, or other applicable federal law;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":311424,"text":"Invest moneys in the Plan in any instruments, obligations, securities, or property deemed appropriate by the board;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":311425,"text":"Develop requirements, procedures, and guidelines regarding prepaid tuition contracts and savings trust accounts, including residency and other eligibility requirements; the number of participants in the Plan; the termination, withdrawal, or transfer of payments under a prepaid tuition contract or savings trust account; time limitations for the use of tuition benefits or savings trust account distributions; and payment schedules;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":311426,"text":"Enter into contractual agreements, including contracts for legal, actuarial, financial, and consulting services and contracts with other states to provide savings trust accounts for residents of contracting states;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":311427,"text":"Procure insurance as determined appropriate by the board (i) against any loss in connection with the Plan&#8217;s property, assets, or activities and (ii) indemnifying board members from personal loss or accountability from liability arising from any action or inaction as a board member;","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":311428,"text":"Make arrangements with public institutions of higher education to fulfill obligations under prepaid tuition contracts and apply college savings trust account distributions, including (i) payment from the Plan of the appropriate amount of tuition on behalf of a qualified beneficiary of a prepaid tuition contract to the institution to which the beneficiary is admitted and at which the beneficiary is enrolled and (ii) application of such benefits toward graduate-level tuition and toward qualified higher education expenses, as that term is defined in 26 U.S.C. &#xA7; 529 or any other applicable section of the Internal Revenue Code of 1986, as amended, as determined by the board in its sole discretion;","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":311429,"text":"Develop and implement scholarship or matching grant programs, or both, as the board may deem appropriate, to further its goal of making higher education more affordable and accessible to all citizens of the Commonwealth;","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":311430,"text":"Apply for, accept, and expend gifts, grants, or donations from public or private sources to enable it to carry out its objectives;","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8","next_prefix":"10"},"10":{"id":311431,"text":"Adopt regulations and procedures and perform any act or function consistent with the purposes of this chapter; and","type":"section","prefixes":["10"],"prefix":"10","entire_prefix":"10","prefix_anchor":"10","level":1,"prior_prefix":"9","next_prefix":"11"},"11":{"id":311432,"text":"Reimburse, at its option, all or part of the cost of employing legal counsel and such other costs as are demonstrated to have been reasonably necessary for the defense of any board member, officer, or employee of the Plan upon the acquittal, dismissal of charges, nolle prosequi, or any other final disposition concluding the innocence of such member, officer, or employee who is brought before any regulatory body, summoned before any grand jury, investigated by any law-enforcement agency, arrested, indicted, or otherwise prosecuted on any criminal charge arising out of any act committed in the discharge of his official duties that alleges a violation of state or federal securities laws. The board shall provide for the payment of such legal fees and expenses out of funds appropriated or otherwise available to the board.","type":"section","prefixes":["11"],"prefix":"11","entire_prefix":"11","prefix_anchor":"11","level":1,"prior_prefix":"10"}},"ancestry":[{"id":13113,"edition_id":1,"name":"Commonwealth Savers Plan and Able Savings Trust Accounts","identifier":"7","label":"chapter","depth":3,"order_by":1,"parent_id":13112,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":185235,"object_type":"structure","relational_id":13113,"identifier":"7","token":"23.1\/II\/7","url":"\/23.1\/II\/7\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13112,"edition_id":1,"name":"Students and Campus","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":13111,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":184847,"object_type":"structure","relational_id":13112,"identifier":"II","token":"23.1\/II","url":"\/23.1\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13111,"edition_id":1,"name":"Institutions of Higher Education; Other Educational and Cultural Institutions","identifier":"23.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":184581,"object_type":"structure","relational_id":13111,"identifier":"23.1","token":"23.1","url":"\/23.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":66160,"structure_id":13113,"section_number":"23.1-700","catch_line":"Definitions","url":"\/23.1-700\/","token":"23.1\/II\/7\/23.1-700","metadata":false},{"id":78668,"structure_id":13113,"section_number":"23.1-701","catch_line":"Plan established; moneys; governing board","url":"\/23.1-701\/","token":"23.1\/II\/7\/23.1-701","metadata":false},{"id":64579,"structure_id":13113,"section_number":"23.1-702","catch_line":"Advisory committees to the board; membership; terms; qualifications; duties","url":"\/23.1-702\/","token":"23.1\/II\/7\/23.1-702","metadata":false},{"id":86791,"structure_id":13113,"section_number":"23.1-703","catch_line":"Chief executive officer of the Plan","url":"\/23.1-703\/","token":"23.1\/II\/7\/23.1-703","metadata":false},{"id":86977,"structure_id":13113,"section_number":"23.1-704","catch_line":"Powers and duties of the board","url":"\/23.1-704\/","token":"23.1\/II\/7\/23.1-704","metadata":false},{"id":77185,"structure_id":13113,"section_number":"23.1-705","catch_line":"Board actions not a debt of Commonwealth","url":"\/23.1-705\/","token":"23.1\/II\/7\/23.1-705","metadata":false},{"id":72372,"structure_id":13113,"section_number":"23.1-706","catch_line":"Standard of care; investment and administration of the Plan","url":"\/23.1-706\/","token":"23.1\/II\/7\/23.1-706","metadata":false},{"id":57132,"structure_id":13113,"section_number":"23.1-707","catch_line":"Prepaid tuition contracts and college and ABLE savings trust agreements","url":"\/23.1-707\/","token":"23.1\/II\/7\/23.1-707","metadata":false},{"id":54148,"structure_id":13113,"section_number":"23.1-707.1","catch_line":"Prepaid tuition contracts; pricing reserves; limitations","url":"\/23.1-707.1\/","token":"23.1\/II\/7\/23.1-707.1","metadata":false},{"id":62682,"structure_id":13113,"section_number":"23.1-708","catch_line":"Assets of the Plan exempt from taxation","url":"\/23.1-708\/","token":"23.1\/II\/7\/23.1-708","metadata":false},{"id":77258,"structure_id":13113,"section_number":"23.1-709","catch_line":"Annual report","url":"\/23.1-709\/","token":"23.1\/II\/7\/23.1-709","metadata":false},{"id":74025,"structure_id":13113,"section_number":"23.1-710","catch_line":"Forms and audit of accounts and records","url":"\/23.1-710\/","token":"23.1\/II\/7\/23.1-710","metadata":false},{"id":82160,"structure_id":13113,"section_number":"23.1-711","catch_line":"Admission to institutions not guaranteed; coverage limitations","url":"\/23.1-711\/","token":"23.1\/II\/7\/23.1-711","metadata":false},{"id":72325,"structure_id":13113,"section_number":"23.1-712","catch_line":"Payroll deductions","url":"\/23.1-712\/","token":"23.1\/II\/7\/23.1-712","metadata":false},{"id":84958,"structure_id":13113,"section_number":"23.1-713","catch_line":"Liberal construction of chapter","url":"\/23.1-713\/","token":"23.1\/II\/7\/23.1-713","metadata":false}],"previous_section":{"id":86791,"structure_id":13113,"section_number":"23.1-703","catch_line":"Chief executive officer of the Plan","url":"\/23.1-703\/","token":"23.1\/II\/7\/23.1-703","metadata":false},"next_section":{"id":77185,"structure_id":13113,"section_number":"23.1-705","catch_line":"Board actions not a debt of Commonwealth","url":"\/23.1-705\/","token":"23.1\/II\/7\/23.1-705","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-704\/","history_text":"<p>This law was first created in 1994. The record of its establishment is cataloged in chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?941+ful+CHAP0661\">661<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 8 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1997, chapters <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?971+ful+CHAP0785\">785<\/a> and <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?971+ful+CHAP0861\">861<\/a>; in 1998, chapters <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?981+ful+CHAP0061\">61<\/a> and <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?981+ful+CHAP0085\">85<\/a>; in 1999, chapters <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?991+ful+CHAP0485\">485<\/a> and <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?991+ful+CHAP0518\">518<\/a>; in 2000, chapters <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?001+ful+CHAP0382\">382<\/a> and <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?001+ful+CHAP0400\">400<\/a>; in 2009, chapters <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?091+ful+CHAP0827\">827<\/a> and <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?091+ful+CHAP0845\">845<\/a>; in 2015, chapters <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?151+ful+CHAP0227\">227<\/a> and <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?151+ful+CHAP0311\">311<\/a>; in 2016, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?161+ful+CHAP0588\">588<\/a>; in 2019, chapters <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?191+ful+CHAP0803\">803<\/a> and <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?191+ful+CHAP0804\">804<\/a>.<\/p>","references":[{"id":83821,"section_number":"2.2-2746","catch_line":"Program Advisory Committee; membership; qualifications; duties","order_by":null,"url":"\/2.2-2746\/"},{"id":79544,"section_number":"2.2-3705.7","catch_line":"Exclusions to application of chapter; records of specific public bodies and certain other limited exclusions","order_by":null,"url":"\/2.2-3705.7\/"}],"refers_to":[{"id":66160,"section_number":"23.1-700","catch_line":"Definitions","order_by":null,"url":"\/23.1-700\/"}],"permalink":{"id":185253,"object_type":"law","relational_id":86977,"identifier":"23.1-704","token":"23.1\/II\/7\/23.1-704","url":"\/23.1-704\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/23.1-704\/","token":"23.1\/II\/7\/23.1-704","dublin_core":{"Title":"Powers and duties of the board","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-704","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>The <span class=\"dictionary\">board<\/span> shall:<\/p><\/section>\n\t\t\t\t\t\t<section id=\"1\"><p><span class=\"prefix-number\">1.<\/span> Administer the <span class=\"dictionary\">Plan<\/span> established by this chapter; <a id=\"paragraph-311422\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-704\/#1\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"2\"><p><span class=\"prefix-number\">2.<\/span> Develop and implement programs for (i) the prepayment of undergraduate <span class=\"dictionary\">tuition<\/span>, as defined in &#xA7; <a class=\"law\" title=\"Definitions\" href=\"\/23.1-700\/\">23.1-700<\/a>, at a fixed, guaranteed level for application at a <span class=\"dictionary\">public institution of higher education<\/span>; (ii) contributions to <span class=\"dictionary\">college <span class=\"dictionary\">savings trust accounts<\/span><\/span> established pursuant to this chapter on behalf of a <span class=\"dictionary\">qualified beneficiary<\/span> in <span class=\"dictionary\">order<\/span> to apply distributions from the account toward qualified higher education expenses, as that term is defined in &#xA7; 529 of the Internal Revenue Code of 1986, as amended, or other applicable federal <span class=\"dictionary\">law<\/span>; and (iii) contributions to <span class=\"dictionary\">ABLE <span class=\"dictionary\">savings trust accounts<\/span><\/span> established pursuant to this chapter on behalf of a <span class=\"dictionary\">qualified beneficiary<\/span> in <span class=\"dictionary\">order<\/span> to apply distributions from the account toward qualified disability expenses for an eligible individual, as both such terms are defined in &#xA7; 529A of the Internal Revenue Code of 1986, as amended, or other applicable federal <span class=\"dictionary\">law<\/span>; <a id=\"paragraph-311423\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-704\/#2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"3\"><p><span class=\"prefix-number\">3.<\/span> Invest moneys in the <span class=\"dictionary\">Plan<\/span> in any instruments, obligations, securities, or property deemed appropriate by the <span class=\"dictionary\">board<\/span>; <a id=\"paragraph-311424\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-704\/#3\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"4\"><p><span class=\"prefix-number\">4.<\/span> Develop requirements, procedures, and guidelines regarding <span class=\"dictionary\">prepaid tuition contracts<\/span> and <span class=\"dictionary\">savings trust accounts<\/span>, including residency and other eligibility requirements; the number of participants in the <span class=\"dictionary\">Plan<\/span>; the termination, withdrawal, or transfer of payments under a <span class=\"dictionary\">prepaid tuition contract<\/span> or <span class=\"dictionary\">savings trust account<\/span>; time limitations for the use of tuition benefits or <span class=\"dictionary\">savings trust account<\/span> distributions; and payment <span class=\"dictionary\">schedules<\/span>; <a id=\"paragraph-311425\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-704\/#4\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"5\"><p><span class=\"prefix-number\">5.<\/span> Enter into contractual agreements, including contracts for legal, actuarial, financial, and consulting services and contracts with other states to provide <span class=\"dictionary\">savings trust accounts<\/span> for residents of contracting states; <a id=\"paragraph-311426\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-704\/#5\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"6\"><p><span class=\"prefix-number\">6.<\/span> Procure insurance as determined appropriate by the <span class=\"dictionary\">board<\/span> (i) against any loss in connection with the <span class=\"dictionary\">Plan<\/span>&#8217;s property, <span class=\"dictionary\">assets<\/span>, or activities and (ii) indemnifying <span class=\"dictionary\">board<\/span> members from personal loss or accountability from liability arising from any action or inaction as a <span class=\"dictionary\">board<\/span> member; <a id=\"paragraph-311427\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-704\/#6\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"7\"><p><span class=\"prefix-number\">7.<\/span> Make arrangements with public institutions of higher education to fulfill obligations under <span class=\"dictionary\">prepaid tuition contracts<\/span> and apply <span class=\"dictionary\">college <span class=\"dictionary\">savings trust account<\/span><\/span> distributions, including (i) payment from the <span class=\"dictionary\">Plan<\/span> of the appropriate amount of tuition on behalf of a <span class=\"dictionary\">qualified beneficiary<\/span> of a <span class=\"dictionary\">prepaid tuition contract<\/span> to the institution to which the beneficiary is admitted and at which the beneficiary is enrolled and (ii) application of such benefits toward graduate-level tuition and toward qualified higher education expenses, as that term is defined in 26 U.S.C. &#xA7; 529 or any other applicable section of the Internal Revenue Code of 1986, as amended, as determined by the <span class=\"dictionary\">board<\/span> in its sole discretion; <a id=\"paragraph-311428\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-704\/#7\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"8\"><p><span class=\"prefix-number\">8.<\/span> Develop and implement scholarship or matching grant programs, or both, as the <span class=\"dictionary\">board<\/span> may deem appropriate, to further its goal of making higher education more affordable and accessible to all citizens of the Commonwealth; <a id=\"paragraph-311429\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-704\/#8\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"9\"><p><span class=\"prefix-number\">9.<\/span> Apply for, accept, and expend gifts, grants, or donations from public or private sources to enable it to carry out its objectives; <a id=\"paragraph-311430\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-704\/#9\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"10\"><p><span class=\"prefix-number\">10.<\/span> Adopt regulations and procedures and perform any act or function consistent with the purposes of this chapter; and <a id=\"paragraph-311431\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-704\/#10\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"11\"><p><span class=\"prefix-number\">11.<\/span> Reimburse, at its option, all or part of the cost of employing legal <span class=\"dictionary\">counsel<\/span> and such other costs as are demonstrated to have been reasonably necessary for the defense of any <span class=\"dictionary\">board<\/span> member, officer, or employee of the <span class=\"dictionary\">Plan<\/span> upon the <span class=\"dictionary\">acquittal<\/span>, <span class=\"dictionary\">dismissal<\/span> of charges, <span class=\"dictionary\">nolle prosequi<\/span>, or any other final <span class=\"dictionary\">disposition<\/span> concluding the innocence of such member, officer, or employee who is brought before any regulatory body, summoned before any <span class=\"dictionary\">grand jury<\/span>, investigated by any <span class=\"dictionary\">law<\/span>-enforcement agency, arrested, indicted, or otherwise prosecuted on any criminal charge arising out of any act committed in the discharge of his official duties that alleges a violation of state or federal securities <span class=\"dictionary\">laws<\/span>. The <span class=\"dictionary\">board<\/span> shall provide for the payment of such legal fees and expenses out of funds appropriated or otherwise available to the <span class=\"dictionary\">board<\/span>. <a id=\"paragraph-311432\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-704\/#11\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nPOWERS AND DUTIES OF THE BOARD (\u00a7 23.1-704)\n\nThe board shall:\n\n1. Administer the Plan established by this chapter;\n\n2. Develop and implement programs for (i) the prepayment of undergraduate\ntuition, as defined in &#xA7; 23.1-700, at a fixed, guaranteed level for\napplication at a public institution of higher education; (ii) contributions to\ncollege savings trust accounts established pursuant to this chapter on behalf of\na qualified beneficiary in order to apply distributions from the account toward\nqualified higher education expenses, as that term is defined in &#xA7; 529 of\nthe Internal Revenue Code of 1986, as amended, or other applicable federal law;\nand (iii) contributions to ABLE savings trust accounts established pursuant to\nthis chapter on behalf of a qualified beneficiary in order to apply\ndistributions from the account toward qualified disability expenses for an\neligible individual, as both such terms are defined in &#xA7; 529A of the\nInternal Revenue Code of 1986, as amended, or other applicable federal law;\n\n3. Invest moneys in the Plan in any instruments, obligations, securities, or\nproperty deemed appropriate by the board;\n\n4. Develop requirements, procedures, and guidelines regarding prepaid tuition\ncontracts and savings trust accounts, including residency and other eligibility\nrequirements; the number of participants in the Plan; the termination,\nwithdrawal, or transfer of payments under a prepaid tuition contract or savings\ntrust account; time limitations for the use of tuition benefits or savings trust\naccount distributions; and payment schedules;\n\n5. Enter into contractual agreements, including contracts for legal, actuarial,\nfinancial, and consulting services and contracts with other states to provide\nsavings trust accounts for residents of contracting states;\n\n6. Procure insurance as determined appropriate by the board (i) against any loss\nin connection with the Plan&#8217;s property, assets, or activities and (ii)\nindemnifying board members from personal loss or accountability from liability\narising from any action or inaction as a board member;\n\n7. Make arrangements with public institutions of higher education to fulfill\nobligations under prepaid tuition contracts and apply college savings trust\naccount distributions, including (i) payment from the Plan of the appropriate\namount of tuition on behalf of a qualified beneficiary of a prepaid tuition\ncontract to the institution to which the beneficiary is admitted and at which\nthe beneficiary is enrolled and (ii) application of such benefits toward\ngraduate-level tuition and toward qualified higher education expenses, as that\nterm is defined in 26 U.S.C. &#xA7; 529 or any other applicable section of the\nInternal Revenue Code of 1986, as amended, as determined by the board in its\nsole discretion;\n\n8. Develop and implement scholarship or matching grant programs, or both, as the\nboard may deem appropriate, to further its goal of making higher education more\naffordable and accessible to all citizens of the Commonwealth;\n\n9. Apply for, accept, and expend gifts, grants, or donations from public or\nprivate sources to enable it to carry out its objectives;\n\n10. Adopt regulations and procedures and perform any act or function consistent\nwith the purposes of this chapter; and\n\n11. Reimburse, at its option, all or part of the cost of employing legal counsel\nand such other costs as are demonstrated to have been reasonably necessary for\nthe defense of any board member, officer, or employee of the Plan upon the\nacquittal, dismissal of charges, nolle prosequi, or any other final disposition\nconcluding the innocence of such member, officer, or employee who is brought\nbefore any regulatory body, summoned before any grand jury, investigated by any\nlaw-enforcement agency, arrested, indicted, or otherwise prosecuted on any\ncriminal charge arising out of any act committed in the discharge of his\nofficial duties that alleges a violation of state or federal securities laws.\nThe board shall provide for the payment of such legal fees and expenses out of\nfunds appropriated or otherwise available to the board.\n\nHISTORY: 1994, c. 661, \u00a7 23-38.77; 1997, cc. 785, 861; 1998, cc. 61, 85; 1999,\ncc. 485, 518; 2000, cc. 382, 400; 2009, cc. 827, 845; 2015, cc. 227, 311; 2016,\nc. 588; 2019, cc. 803, 804.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}