Mich. Comp. Laws § 722.1021
Short title.
This act shall be known and may be cited as the "fostering futures scholarship trust fund act".
Michigan Compiled Laws — FOSTERING FUTURES SCHOLARSHIP TRUST FUND ACT (Act 525 of 2008)
Michigan · statute · 525 of 2008, Mich. Comp. Laws · 8 active provisions
Mich. Comp. Laws § 722.1022
Definitions.
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.
Mich. Comp. Laws § 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.
(1) The fostering futures scholarship trust fund is created in the state treasury as a charitable and educational endowment fund. Money in the trust fund shall be expended only as provided in this section. The department shall be the administrator of the trust fund for auditing purposes and all powers, purposes, and du…
Mich. Comp. Laws § 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.
(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 to eligible current and former foster care students. (2) The department shall collaborate with any institution of higher educ…
Mich. Comp. Laws § 722.1027b
Fostering futures scholarship; eligibility.
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 of higher education in this state as dete…
Mich. Comp. Laws § 722.1029
Department; powers; deposit of money in fund.
(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 money does not commit state money and…
Mich. Comp. Laws § 722.1030
Disbursement; limitation.
(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 und…
Mich. Comp. Laws § 722.1031
Annual accounting of revenues and expenditures; report.
(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 fund. This a…