115C-597. Administration.
(a) Rules and Regulations. - The Authority shall establish rules and regulations for the administration of the program, including the following:
(1) The administration and awarding of scholarship funds, including a lottery process for the selection of recipients within the criteria established by G.S. 115C-592(a), if necessary.
(2) Requiring a surety bond or insurance to be held by account holders.
(3) Use of the funds and the reporting of expenditures.
(4) Monitoring and control of spending scholarship funds deposited in a personal education savings account.
(b) Contract for Management of PESAs. - The Authority may contract with a private financial management firm or institution to manage PESAs in accordance with this Article.
(c) Annual Audits. - The Authority shall conduct annual audits of PESAs and may audit a random sampling of PESAs as needed to ensure compliance with the requirements of this Article. The Authority may contract with an independent entity to conduct these audits. The Authority may remove a parent or eligible student from the program and close a personal education savings account for failure to comply with the terms of the parental agreement, for failure to comply with applicable laws, or because the student is no longer an eligible student.
(d) Administration Costs. - Of the funds allocated to the Authority to award scholarship funds under this Article, the Authority may retain up to two hundred fifty thousand dollars ($250,000) each fiscal year for administrative costs associated with the program, including contracting with non-State entities for administration of certain components of the program.
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