Section 1700-05-04-.04 - CONTRIBUTIONS(1) Who May Make Contributions. Contributions may be made for an existing Account by an Account Owner or a Contributor; however, all contributions once made to an individual Account are pooled and are subject to the terms and conditions of the applicable Contract.(2) How Contributions May be Made. Contributions may be made only in cash and not property. For purposes of these rules "cash" has the meaning given in Rule 1700-05-04-.03(1)(b) above. Contributions may also be made in accordance with the Code as defined in T.C.A. § 49-7-802(4).(3) Limit on Amount of Contributions. Subject to Section 529 of the Internal Revenue Code and the regulations promulgated thereunder, more than one individual may have an Educational Investment Plan on behalf of the same Beneficiary. Provided, however, that no additional contributions can be made to any Account on behalf of the same Beneficiary if at the time of the proposed contribution the total Account balance of all Accounts on behalf of the same Beneficiary total a certain dollar amount as determined by majority vote of the Board pursuant to Rule 1700-05-04-.02(1)(b). Such dollar amount will be set by the Board on an annual basis and shall not exceed the amount determined to be reasonably necessary to pay Qualified Higher Education Expenses for seven (7) years of undergraduate enrollment at the highest cost Eligible Educational Institution.(4) No Guarantee of Acceptance nor Residency Status. Contributions to an Account hereunder do not guarantee that the Beneficiary will be accepted into an Eligible Educational Institution, that the Beneficiary will graduate from an Eligible Educational Institution, nor do contributions to an Account guarantee status as a resident for determining the rate of tuition charged by an Eligible Educational Institution.Tenn. Comp. R. & Regs. 1700-05-04-.04
Emergency rule filed December 29, 2011; effective through June 26, 2012. New rule filed December 29, 2011; effective May 30, 2012. Amendments filed March 5, 2018; effective June 3, 2018. Amendments filed September 25, 2018; effective December 24, 2018. Amendments filed November 15, 2022; effective 2/13/2023.Authority: T.C.A. §§ 49-7-802, 49-7-805, 49-7-805(16), 49-7-806, 49-7-808, 49-7-809, 49-7-810, 49-7-823, and 49-7-824.