14.58(8)(b)
(b) The amounts in each of the state depositories, together with the interest earned thereon.
14.58(8)(c)
(c) Any defalcation or neglect of duty of any disbursing or collecting officer or agent of the state.
14.58(8)(d)
(d) Any other information pertaining to the duties of the state treasurer, as determined by the state treasurer or required by the governor.
14.58(9)
(9) Biennial report. On or before October 15 of each odd-numbered year, submit to the governor and the chief clerk of each house of the legislature, for distribution to the legislature under
s. 13.172 (2), a report containing the same information required of departments and independent agencies under
s. 15.04 (1) (d). The report shall also include a statement showing for each of the 2 preceding fiscal years the cash balance in each state fund at the beginning of the fiscal year, the aggregate amount of receipts credited and the aggregate amount of disbursements charged to each said fund during the fiscal year and the resultant cash balance in each state fund at the end of the fiscal year. This statement shall further show as of the end of each said 2 fiscal years, at par, the aggregate value of securities held for each state fund and the aggregate value of securities held in trust or deposited for safekeeping, and shall show the manner in which the total cash balance was accounted for by listing the balances on deposit in each state account in a public depository, deducting from the total of such balances the aggregate amount of checks, share drafts or other drafts outstanding and adding thereto the aggregate amount of cash and cash items in office.
14.58(10)
(10) Report certain payments. Whenever the state treasurer or any state department shall remit to any county, city, town or village any sum in payment of a state aid or other item, the remitter shall transmit a statement of the amount and purpose thereof to the clerk of such municipality. After the receipt thereof, the clerk of such municipality shall present such statement at the next regular meeting of the governing body and shall thereafter file and keep such statement for 6 years.
14.58(11)
(11) Make certified copies. Make a certified copy of any deed, bond, document or paper filed in the treasurer's office, and transcripts from the books and records kept therein, when required by any person so to do; and collect therefor 25 cents per folio, and $1 for such certificate.
14.58(12)
(12) Stamp checks and drafts. Cause to be plainly printed or stamped upon each check, share draft and other draft issued by the state treasurer the period of time, as determined by the state treasurer but not to exceed one year, during which the check or other draft may be presented for payment. The state treasurer shall cancel on his or her records any check or other draft that is not presented for payment within the prescribed time period and shall credit the amount thereof to the fund upon which it is drawn. Notice of such cancellation and credit shall be immediately submitted by the state treasurer to the department of administration.
14.58(13)
(13) Services in connection with securities held in trust. Upon request therefor from any company, corporation, society, order or association which has securities on deposit with the treasurer, in trust, mail to its address not to exceed 60 days before the same become due, any or all interest coupons; return to it any or all bonds, notes or other deposits as they become due and are replaced by other securities; cut all interest coupons, make any indorsement of interest or otherwise on any such securities; and collect therefor from the company, corporation, society, order or association making the request, a 25-cent fee for a single coupon cut, or for each entry of interest indorsed on a note or return of a bond, note or other security, and a 10-cent fee for each additional coupon cut, or entry of interest indorsed on a note, bond or other security, and may withhold any and all coupons cut or refuse indorsement of interest on securities until such fee is paid. Such fees shall be paid into the state treasury as a part of the general fund, and an extra charge may be required for postage or registered mail.
14.58(14)
(14) Other duties. Perform all other duties imposed upon the state treasurer by law.
14.58(17)
(17) Safekeeping receipts for federal securities. Whenever any federal securities are purchased under authority of any law and the state treasurer is custodian thereof the treasurer may accept and hold safekeeping receipts of a federal reserve bank for such securities. Each such receipt shall be identified on its face with the name of the fund to which the securities described in the receipt belong.
14.58(18)
(18) Sale of investments. Whenever the department of administration draws a check, share draft or other draft dated the next following business day upon a fund whose investment and collection is under the exclusive control of the investment board pursuant to
s. 25.17 (1), and the receipts of the state treasurer are insufficient to permit a disbursement from said fund in the amount of such check, share draft or other draft, the investment board shall sell investments owned by such fund for delivery in time to provide sufficient money to cover such check, share draft or other draft on the date which it bears.
14.58(19)
(19) Apportion interest. Apportion at least quarterly the interest earned on state moneys in all depositories among the several funds as provided in
s. 25.14 (3), except that earnings attributable to the investment of temporary excess balances under
sub. (4) (b) shall be distributed according to a formula prescribed by the depository selection board. To the maximum extent deemed administratively feasible by the depository selection board, the formula shall approximate the distribution of earnings among funds which would occur if earnings were allocated in proportion to each fund's actual contribution to the earnings. Interest so apportioned shall be added to and become a part of such funds.
14.58(20)
(20) Election campaign fund. Make disbursements to each candidate certified under
s. 7.08 (2) (c) or
(cm) by the elections board as eligible to receive moneys from the Wisconsin election campaign fund.
14.58 History
History: 1971 c. 164 s.
90;
1973 c. 333;
1975 c. 180,
189,
198,
421;
1977 c. 107;
1977 c. 196 s.
131;
1979 c. 34,
221;
1981 c. 20;
1983 a. 27;
1983 a. 36 s.
96 (2);
1983 a. 51;
1983 a. 189 s.
329 (21);
1983 a. 368,
408,
524,
538;
1985 a. 29;
1989 a. 31;
1991 a. 39,
189,
299,
316;
1995 a. 201.
14.59
14.59
Training conferences. The state treasurer may conduct conferences for the purpose of training county and municipal clerks and treasurers, and employees of their offices, in their official responsibilities. The treasurer may charge participants in any conference a fee for participation which shall not exceed the proportionate cost of conducting the conference. The treasurer shall credit all revenues from fees assessed under this section to the appropriation account under
s. 20.585 (1) (h).
14.59 History
History: 1995 a. 27.
14.60
14.60
State treasurer's bond. The bond of the state treasurer shall extend to the faithful execution of the duties of the office of state treasurer until a successor is elected and fully qualified. If the treasurer elects to give bond guaranteed by a surety company, the cost thereof and of any additional bond required of and furnished by the treasurer and so guaranteed shall be borne by the state and shall be paid out of the appropriation to the office of the state treasurer; if the annual cost thereof does not exceed 0.25% of the amount of said bond.
14.60 History
History: 1991 a. 316.
14.62
14.62
Assistant state treasurer; oath; bond; powers. The state treasurer may appoint, in writing, an assistant state treasurer to perform any of the duties of the state treasurer, except to serve as a member of the board of commissioners of public lands. The assistant state treasurer shall take and subscribe the oath of office prescribed by
article IV, section 28, of the constitution and shall give bond to the state treasurer in the sum and with the conditions the state treasurer prescribes, conditioned for the faithful discharge of the duties. The oath of the assistant state treasurer and the certificate of appointment shall be filed and preserved in the office of the secretary of state. The state treasurer may require any employee to give bond to the state in the amount and with the conditions the state treasurer prescribes, conditioned for the faithful discharge of their duties. The cost of the bonds shall be charged to the appropriations under
s. 20.585.
14.62 History
History: 1983 a. 192,
538.
14.63
14.63
College tuition and expenses program. 14.63(1)
(1)
Definitions. In this section:
14.63(1)(a)
(a) "Board" means the board of regents of the University of Wisconsin System.
14.63(1)(b)
(b) "Institution of higher education" means an eligible educational institution, as defined under
26 USC 529.
Effective date note
NOTE: Par. (b) is shown as amended eff. 2-1-01 by
1999 Wis. Act 44. Prior to 2-1-01 it reads:
Effective date text
(b) "Institution of higher education" means a public or private institution of higher education that is accredited by an accrediting association recognized by the state treasurer, and a proprietary school approved by the educational approval board under s. 45.54.
14.63(2)
(2) Weighted average tuition; tuition unit cost. Annually, the state treasurer and the board jointly shall determine all of the following:
14.63(2)(a)
(a) The weighted average tuition of bachelor's degree-granting institutions within the University of Wisconsin System for the academic year that begins on or after the first day of August of the current year. The amount shall be calculated as follows:
14.63(2)(a)1.
1. For each such institution, multiply the tuition charged a full-time undergraduate who is a resident of this state by the number of full-time equivalent resident undergraduates attending the institution.
14.63(2)(a)3.
3. Divide the sum under
subd. 2. by the total number of full-time equivalent resident undergraduates attending such institutions.
14.63(2)(b)
(b) The price of a tuition unit, which shall be valid for a period determined jointly by the state treasurer and the board. The price shall be sufficient to ensure the ability of the state treasurer to meet his or her obligations under this section. To the extent possible, the price shall be set so that the value of the tuition unit in the anticipated academic year of its use will be equal to 1% of the weighted average tuition for that academic year plus the costs of administering the program under this section attributable to the unit.
14.63(3)
(3) College tuition and expenses contracts. 14.63(3)(a)(a) The state treasurer shall contract with an individual, a trust or a legal guardian for the sale of tuition units to that individual, trust or legal guardian if all of the following apply:
14.63(3)(a)2.
2. The purchaser is purchasing the tuition units on behalf of a beneficiary named in the contract.
14.63(3)(a)4.b.
b. If the purchaser is an individual, the beneficiary is the child, grandchild, nephew or niece of the individual or is a child who is under the legal guardianship of the individual.
14.63(3)(a)4.c.
c. If the purchaser is a legal guardian that is not an individual, the beneficiary is a child who is under the legal guardianship of the legal guardian.
14.63(3)(a)4.d.
d. If the purchaser is a trust, the beneficiary is the beneficiary of the trust.
14.63(3)(b)
(b) The contract shall specify the anticipated academic year of the beneficiary's initial enrollment in an institution of higher education.
14.63(3)(c)
(c) The state treasurer may charge a purchaser an enrollment fee.
14.63(3)(d)
(d) The state treasurer shall promulgate rules authorizing a person who has entered into a contract under this subsection to change the beneficiary named in the contract.
14.63(4)
(4) Number of tuition units purchased. A person who enters into a contract under
sub. (3) may purchase tuition units at any time and in any number, except that the total number of tuition units purchased on behalf of a single beneficiary may not exceed the number necessary to cover tuition, fees and the costs of room and board, books, supplies and equipment required for enrollment or attendance of the beneficiary at an institution of higher education.
14.63(5)(a)(a) Except as provided in
sub. (7m), if an individual named as beneficiary in a contract under
sub. (3) attends an institution of higher education in the United States, each tuition unit purchased on his or her behalf entitles that beneficiary to apply toward the payment of tuition, fees and the costs of room and board, books, supplies and equipment required for enrollment or attendance at the institution an amount equal to 1% of the anticipated weighted average tuition of bachelor's degree-granting institutions within the University of Wisconsin System for the year of attendance, as estimated under
sub. (2) in the year in which the tuition unit was purchased.
14.63(5)(b)
(b) Upon request by the beneficiary, the state treasurer shall pay to the institution or beneficiary, whichever is appropriate, in each semester of attendance the lesser of the following:
14.63(5)(b)1.
1. An amount equal to the value of each tuition unit, as determined under
par. (a), multiplied by the number of tuition units purchased on behalf of the beneficiary and not used.
14.63(5)(b)2.
2. An amount equal to the sum of the institution's tuition, fees and the costs described in
par. (a) for that semester.
14.63(6)(a)(a) A contract under
sub. (3) may be terminated by the person entering into the contract if any of the following occurs:
14.63(6)(a)1.
1. The beneficiary dies or is permanently disabled.
14.63(6)(a)2.
2. The beneficiary graduates from high school but is unable to gain admission to an institution of higher education after a good faith effort.
14.63(6)(a)3.
3. The beneficiary attended an institution of higher education but involuntarily failed to complete the program in which he or she was enrolled.
14.63(6)(a)4.
4. The beneficiary is at least 18 years old and one of the following applies:
14.63(6)(a)4.b.
b. The beneficiary has decided not to attend an institution of higher education.
14.63(6)(a)4.c.
c. The beneficiary attended an institution of higher education but voluntarily withdrew without completing the program in which he or she was enrolled.
14.63(6)(a)5.
5. Other circumstances determined by the state treasurer to be grounds for termination.
14.63(6)(b)
(b) The state treasurer shall terminate a contract under
sub. (3) if any of the tuition units purchased under the contract remain unused 10 years after the anticipated academic year of the beneficiary's initial enrollment in an institution of higher education, as specified in the contract.
14.63(7)(a)(a) Except as provided in
sub. (7m), the state treasurer shall do all of the following:
14.63(7)(a)1.
1. When a beneficiary completes the program in which he or she is enrolled, if the beneficiary has not used all of the tuition units purchased on his or her behalf, refund to the person who entered into the contract an amount equal to 1% of the anticipated weighted average tuition in the academic year in which the beneficiary completed the program, as estimated under
sub. (2) in the year in which the tuition units were purchased, multiplied by the number of tuition units purchased by the person and not used by the beneficiary.
14.63(7)(a)2.
2. If a contract is terminated under
sub. (6) (a) 1.,
2. or
3., refund to the person who entered into the contract an amount equal to 1% of the anticipated weighted average tuition in the academic year in which the contract is terminated, as estimated under
sub. (2) in the year in which the tuition units were purchased, multiplied by the number of tuition units purchased by the person and not used by the beneficiary.
14.63(7)(a)3.
3. If a contract is terminated under
sub. (6) (a) 4. or
(b), refund to the person who entered into the contract an amount equal to 99% of the amount determined under
subd. 2.
14.63(7)(a)4.
4. If a contract is terminated under
sub. (6) (a) 5., refund to the person who entered into the contract the amount under
subd. 2. or under
subd. 3., as determined by the state treasurer.
14.63(7)(a)5.
5. If the beneficiary is awarded a scholarship, tuition waiver or similar subsidy that cannot be converted into cash by the beneficiary, refund to the person who entered into the contract, upon the person's request, an amount equal to the value of the tuition units that are not needed because of the scholarship, waiver or similar subsidy and that would otherwise have been paid by the state treasurer on behalf of the beneficiary during the semester in which the beneficiary is enrolled.
14.63(7)(b)
(b) The state treasurer shall determine the method and schedule for the payment of refunds under this subsection.
14.63(7m)
(7m) Tuition unit value adjustment; refund adjustment. 14.63(7m)(a)(a) The state treasurer may adjust the value of a tuition unit based on the actual earnings attributable to the tuition unit less the costs of administering the program under this section that are attributable to the tuition unit if any of the following applies:
14.63(7m)(a)1.
1. The individual named as the beneficiary in a contract under
sub. (3) wishes to use the tuition unit for the payment of tuition in a year other than the anticipated academic year of attendance, as specified in the contract.
14.63(7m)(a)2.
2. The individual named as the beneficiary in a contract under
sub. (3), or the person who entered into the contract, wishes to receive a refund under
sub. (7) in a year other than the anticipated academic year of the beneficiary's attendance, as specified in the contract.
14.63(7m)(b)
(b) The state treasurer may not increase the value of a tuition unit under
par. (a) to an amount that exceeds the value of a tuition unit that was purchased at a similar time, held for a similar period and used or refunded in the anticipated academic year of the beneficiary's attendance, as specified in the contract.
14.63(7m)(c)
(c) The state treasurer may promulgate rules imposing or increasing penalties for refunds under
sub. (7) (a) if the state treasurer determines that such rules are necessary to maintain the status of the program under this section as a qualified state tuition program under section
529 of the Internal Revenue Code, as defined in
s. 71.01 (6).
14.63(8)
(8) Exemption from garnishment, attachment and execution. Moneys deposited in the tuition trust fund and a beneficiary's right to the payment of tuition, fees and the costs described in
sub. (5) (a) under this section are not subject to garnishment, attachment, execution or any other process of law.
Effective date note
NOTE: Sub. (8) is shown as amended eff. 2-1-01 by
1999 Wis. Act 44. Prior to 2-1-01 it reads:
Effective date text
(8) Exemption from garnishment, attachment and execution. Moneys deposited in the tuition trust fund and a beneficiary's right to the payment of tuition and mandatory student fees under this section are not subject to garnishment, attachment, execution or any other process of law.
14.63(9)
(9) Contract with actuary. The state treasurer shall contract with an actuary or actuarial firm to evaluate annually whether the assets in the tuition trust fund are sufficient to meet the obligations of the state treasurer under this section and to advise the state treasurer on setting the price of a tuition unit under
sub. (2) (b).
14.63(10)(a)(a) Annually, the state treasurer shall submit a report to the governor, and to the appropriate standing committees of the legislature under
s. 13.172 (3), on the program under this section. The report shall include any recommendations for changes to the program that the state treasurer determines are necessary to ensure the sufficiency of the tuition trust fund to meet the state treasurer's obligations under this section.
14.63(10)(b)
(b) The state treasurer shall submit a quarterly report to the state investment board projecting the future cash flow needs of the tuition trust fund. The state investment board shall invest moneys held in the tuition trust fund in investments with maturities and liquidity that are appropriate for the needs of the fund as reported by the state treasurer in his or her quarterly reports. All income derived from such investments shall be credited to the fund.
14.63(10m)
(10m) Repayment to general fund. The secretary of administration shall transfer from the tuition trust fund to the general fund an amount equal to the amount encumbered from the appropriations under s.
20.505 (9) (a), 1995 stats., and
s. 20.585 (2) (a) when the secretary of administration determines that funds in the tuition trust fund are sufficient to make the transfer. The secretary of administration may make the transfer in instalments.
14.63(11)(a)(a) Nothing in this section guarantees an individual's admission to, retention by or graduation from any institution of higher education.
14.63(11)(b)
(b) The requirements to pay tuition, fees and the costs of room and board, books, supplies and equipment under
sub. (5) and to make refunds under
sub. (7) are subject to the availability of sufficient assets in the tuition trust fund.
14.63(11m)
(11m) Financial aid calculations. The value of tuition units shall not be included in the calculation of a beneficiary's eligibility for state financial aid for higher education if the beneficiary notifies the higher educational aids board and the institution of higher education that the beneficiary is planning to attend that he or she is a beneficiary of a contract under this section and the contract owner agrees to release to the higher educational aids board and the institution of higher education information necessary for the calculation under this subsection.
14.63(12)
(12) Additional duties and powers of the state treasurer. 14.63(12)(a)(a) The state treasurer shall do all of the following:
