(1) The investment of funds
from all scholarship endowment programs administered by the
higher education coordinating board shall be managed by the state
investment board.
(2) The state investment board has the full power to invest,
reinvest, manage, contract, sell, or exchange investment money in
scholarship endowment funds. All investment and operating costs
associated with the investment of a scholarship endowment fund
shall be paid pursuant to RCW 43.33A.160 and 43.84.160. With the
exception of these expenses, the earnings from the investments of
the fund belong to the fund.
(3) Funds from all scholarship endowment programs
administered by the board shall be in the custody of the state
treasurer.
(4) All investments made by the state investment board shall
be made with the exercise of that degree of judgment and care
pursuant to RCW 43.33A.140 and the investment policies
established by the state investment board.
(5) As deemed appropriate by the state investment board,
money in a scholarship endowment fund may be commingled for
investment with other funds subject to investment by the state
investment board.
(6) The authority to establish all policies relating to
scholarship endowment funds, other than the investment policies
in subsections (2) through (5) of this section, resides with the
higher education coordinating board.
(7) The higher education coordinating board may request and
accept moneys from the state investment board. With the
exception of expenses of the state investment board in subsection
(2) of this section, disbursements from the fund shall be made
only on the authorization of the higher education coordinating
board, and money in the fund may be spent only for the purposes
of the endowment programs as specified in the authorizing chapter
of each program.
(8) The state investment board shall routinely consult and
communicate with the higher education coordinating board on the
investment policy, earnings of the scholarship endowment funds,
and related needs of the programs.
[2007 c 73 § 1.]