(1) The state financial aid account is created in the custody of the state treasurer. The primary purpose of the account is to ensure that all appropriations designated for financial aid through statewide student financial aid programs are made available to eligible students. The account shall be a nontreasury account.

     (2) The higher education coordinating board shall deposit in the account all money received for the state need grant program established under RCW 28B.92.010, the state work-study program established under chapter 28B.12 RCW, the Washington scholars program established under RCW 28A.600.110, the Washington award for vocational excellence program established under RCW 28C.04.525, and the educational opportunity grant program established under chapter 28B.101 RCW. The account shall consist of funds appropriated by the legislature for the programs listed in this subsection and private contributions to the programs. Moneys deposited in the account do not lapse at the close of the fiscal period for which they were appropriated. Both during and after the fiscal period in which moneys were deposited in the account, the board may expend moneys in the account only for the purposes for which they were appropriated, and the expenditures are subject to any other conditions or limitations placed on the appropriations.

     (3) Expenditures from the account shall be used for scholarships to students eligible for the programs according to program rules and policies.

     (4) Disbursements from the account are exempt from appropriations and the allotment provisions of chapter 43.88 RCW.

     (5) Only the executive director of the higher education coordinating board or the executive director's designee may authorize expenditures from the account.

[2005 c 139 § 1.]

NOTES:

     Reviser's note: 2005 c 139 directed that this section be added to chapter 28B.10 RCW. This section has been codified as part of chapter 28B.76 RCW, which relates more directly to duties of the higher education coordinating board.