(1) The board shall implement the program through its staff, agreements with one (1) or more financial institutions engaged to act as the program’s depositories and managers, or through agreements with any public entity or agency, including depository, investment or management relationships with other 529 plans or entities.
(2) The board shall implement the program and manage any trust established by the board consistent with sound financial principles and to obtain the federal income tax benefits or treatment provided by section 529 of the Internal Revenue Code of 1986, as amended.
(3) Any financial institution engaged by the board shall hold each account in trust for the benefit of this state and the account owner.
(4) The board may delegate to the office of a board member any of its administrative powers and duties, if the board determines that such delegation is necessary for the efficient and effective administration of the program and the board member accepts the delegation. Administrative powers and duties include payroll processing, routine public contacts and public records maintenance. The board member shall be compensated for administrative activities pursuant to section 33-5409, Idaho Code.