Cal. Education Code § 69996.4

The board shall have the power and authority to do all of the following: (a) Sue and be sued. (b) Make and enter into contracts necessary for the implementation and administration of the program. (c) Cause moneys in the fund to be held and invested and reinvested. (d) Enter into agreements with any institution of higher education or any federal or state agency or other entity as required for the effectuation of its rights and duties. (e) Accept any grants, gifts, appropriations, and other moneys from any unit of federal, state, or local government or any other person, firm, partnership, or corporation for deposit to the fund. (f) Make payments to institutions of higher education on behalf of beneficiaries. (g) Make provisions for the payment of costs of administration and operation of the program. (h) Carry out the duties and obligations of the program pursuant to this article and have all other powers as may be necessary for the effectuation of the purposes, objectives, and provisions of this article. (i) Carry out studies and projections to advise participants regarding present and estimated future higher education expenses. (j) Contract for goods and services and engage personnel, including consultants, actuaries, managers, counsel, and auditors, as necessary for the purpose of rendering professional, managerial, and technical assistance and advice. (k) Participate in any federal, state, or local governmental program for the benefit of the program. (l) Procure insurance against any loss in connection with the property, assets, or activities of the program. (m) Administer the funds of the program. (n) Adopt regulations for the implementation and administration of the program.