District Of Columbia § 47-4505 - Administration and initial implementation of the Program.

Retain the services of consultants, administrators, and other personnel, as necessary, to administer the Program:

Execute contracts, college savings agreements, and other necessary instruments;

Enter into agreements with eligible institutions of higher education and other public or private entities for the administration or promotion of the Program;

Solicit and accept gifts, grants, loans, or other aid from any source or participate in any government program for purposes consistent with this chapter;

Impose and collect reasonable administrative fees for a transaction involving college savings agreements and transactions affecting the Program;

Procure insurance against a loss of assets of the Program;

Endorse insurance coverage written exclusively for the purpose of protecting a college savings agreement and the account owner or designated beneficiary of the account;

Designate terms under which money may be withdrawn from the Program;

Establish the methods by which the funds held in accounts are disbursed;

Establish additional procedural and substantive requirements for participation in, and the administration and promotion of, the Program;

Seek rulings and other guidance from the Internal Revenue Service and agencies of the federal government relating to the Program;

Make changes to the Program required for the participants in the Program to obtain the federal income tax benefits or treatment provided by § 529 of the Internal Revenue Code, or successor legislation; and