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Chapter 1.5. California Scholarshare Advancement Vehicle for Education Program. Definitions Applicable to CalSAVE Program.   

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(a) Existing Definitions: The following term is defined in Section 69980 of the Education Code: Board.

The following terms, as used in these regulations, are defined in the Internal Revenue Code Section 529 of 1986, under Title 26: Qualified Higher Education Expenses, Eligible Educational Institution, Designated Beneficiary.

The following term is defined in California Education Code sections 68000-68084, 68120-68134, and 89705-89707.5, and California Code of Regulations, Title 5, sections 41900-41916: California Residency.

(b) Additional Definitions. The following definitions shall also apply to the CalSAVE Program:

Beneficiary Group - shall refer to a specific group of students deemed eligible by the Board to receive CalSAVE Scholarships for whom a Subaccount within the CalSAVE Account has been created, as defined in Education Code section 69981(d)(1).

CalSAVE - shall refer to the California Scholarshare Advancement Vehicle for Education program of 2008 (Senate Bill 1457) as defined in Education Code section 69981(d).

CalSAVE Account - shall refer to the account as defined in Education Code section 69981(d)(2).

CalSAVE Scholarship - shall refer to monies distributed from the CalSAVE Account by the Board to Beneficiary Groups.

Cash - shall include but not be limited to checks (except for travelers checks, third-party checks exceeding $10,000, money orders, or cashier's checks), and electronic funds transfers.

Donor - shall refer to individuals or groups who make cash contributions to the CalSAVE account as defined in Education Code section 69981(d)(2).

Eligibility Criteria - shall refer to the criteria developed and utilized by the Board to determine Student eligibility for a CalSAVE Scholarship.

Eligible Partner - shall refer to a private or public organization that the Board elects to contract with to disburse CalSAVE Scholarships. Eligible Partners may include, but are not limited to, higher education institutions, public entities, private entities, organizations, agencies, non-profits, and community based organizations.

Subaccount - shall refer to an individual account created within the CalSAVE Account for a specific Beneficiary Group as referenced in Education Code section 69981(d)(2).

Student - shall refer to a student potentially eligible to receive a CalSAVE Scholarship.

Voluntary Contribution - shall refer to all cash contributed to the CalSAVE Account or Subaccounts by individuals and groups as defined in Education Code section 69981(d)(2).

Authority cited:

Education Code 69980

Education Code 69982

Reference:

Education Code 69981

(Added by Register 2010, No. 36.)