NRS 353B.140: Creation; sources; nonreversion.

1. The Nevada Higher Education Prepaid Tuition Trust Fund is hereby created within the State Treasury to allow:

(a) The cost of tuition to be paid in advance of enrollment at an institution of higher education; and

(b) The payment of qualified higher education expenses for qualified beneficiaries in accordance with the policy adopted pursuant to NRS 353B.145.

2. The Trust Fund consists of payments received pursuant to:

(a) A prepaid tuition contract;

(b) A bequest, endowment or grant from the Federal Government;

(c) A matching contribution made as described in NRS 363A.137 or 363B.117;

(d) A loan made to the Trust Fund for purposes of the fiscal stabilization of the Nevada Higher Education Prepaid Tuition Program; or

(e) Any other public or private source of money.

3. Money in the Trust Fund that is not expended during any biennium does not revert to the State General Fund at any time.

4. As used in this section, “qualified higher education expenses” has the meaning ascribed to it in 26 U.S.C. § 529.