722.1021 Short title. Sec. 1. This act shall be known and may be cited as the “fostering futures scholarship trust fund act”. History: 2008, Act 525, Imd. Eff. Jan. 13, 2009 ;– Am. 2014, Act 530, Imd. Eff. Jan. 14, 2015
722.1022 Definitions. Sec. 2. As used in this act: (a) “Department” means the department of treasury. (b) “Trust fund” means the fostering futures scholarship trust fund created in section 3. History: 2008, Act 525, Imd. Eff. Jan. 13, 2009 ;– Am. 2014, Act 530, Imd. Eff. Jan. 14, 2015
722.1023 Fostering futures scholarship trust fund; creation; administration; crediting amounts; interest and earnings; investment; availability of money for disbursement; expenditures; appropriation; money remaining at close of year; administrative costs; limitation. Sec. 3. (1) The fostering futures scholarship trust fund is created in the state treasury as a charitable and educational endowment fund. Money in the […]
722.1024 Repealed. 2014, Act 530, Imd. Eff. Jan. 14, 2015. Compiler’s Notes: The repealed section pertained to creation of state foster care trust fund board.
722.1025 Repealed. 2014, Act 530, Imd. Eff. Jan. 14, 2015. Compiler’s Notes: The repealed section pertained to qualifications and terms of state foster care trust fund board.
722.1026 Repealed. 2014, Act 530, Imd. Eff. Jan. 14, 2015. Compiler’s Notes: The repealed section pertained to business conducted under open meetings act and availability of writings under freedom of information act.
722.1027 Repealed. 2014, Act 530, Imd. Eff. Jan. 14, 2015. Compiler’s Notes: The repealed section pertained to duties of state foster care trust fund board.
722.1027a Opportunities to make contributions; collaboration with higher education institution to assist foster care students with unmet financial education needs; use of money; contracts. Sec. 7a. (1) The department shall work with the department of human services to serve to provide an opportunity for individuals and organizations to make contributions to go toward providing scholarships […]
722.1027b Fostering futures scholarship; eligibility. Sec. 7b. A foster care student is eligible for a fostering futures scholarship if all of the following apply: (a) Due to child abuse or child neglect, the foster care student was in foster care after his or her thirteenth birthday. (b) The foster care student is attending an institution […]
722.1028 Repealed. 2014, Act 530, Imd. Eff. Jan. 14, 2015. Compiler’s Notes: The repealed section pertained to recommendations made by state foster care trust fund board.
722.1029 Department; powers; deposit of money in fund. Sec. 9. (1) The department may do any of the following: (a) Accept federal money granted by congress or executive order for the purposes of this act as well as gifts, grants, bequests, and donations from individuals, private organizations, or foundations. The acceptance and use of federal […]
722.1030 Disbursement; limitation. Sec. 10. (1) The department may authorize the disbursement of available money from the trust fund, upon legislative appropriations, as provided in section 3, to fund actual and necessary operating expenses that the department incurs in performing its duties under this act. Authorizations for disbursement of trust fund money under this section […]
722.1031 Annual accounting of revenues and expenditures; report. Sec. 11. (1) The department shall annually prepare an accounting of revenues and expenditures from the trust fund. This accounting shall be prepared using generally accepted accounting principles and in a manner that will provide detailed and itemized information regarding the revenues and expenditures of the trust […]
