To carry out its assigned functions, the board is authorized, but not limited to:

(1) develop a comprehensive long-range initiative for improving the financial literacy of students in kindergarten through twelfth grade;

(2) promulgate regulations, establish guidelines, policies, and procedures for implementation of the South Carolina Financial Literacy Initiative;

(3) provide oversight on the implementation of the South Carolina Financial Literacy Initiative at the state and school district levels;

(4) establish criteria and procedures for awarding grants from the Financial Literacy Trust;

(5) create an annual revision of school district needs assessments and identify assets from other funding sources;

(6) assess and develop recommendations for increasing the efficiency and effectiveness of financial literacy programs and funding and other programs and funding sources, as allowable, as necessary to carry out the Financial Literacy Initiative, including additional fiscal strategies, redeployment of state resources, and development of new programs;

(7) establish results-oriented measures and objectives and assess whether services provided are meeting the goals and achieving the results established for the Financial Literacy Initiative;

(8) receive gifts, bequests, and devises for deposit in the Financial Literacy Trust; and

(9) report annually to the General Assembly by January first on activities and progress to include recommendations for changes and legislative initiatives and results of program evaluations.

HISTORY: 2006 Act No. 382, Section 2, eff June 14, 2006.