The office of student financial assistance shall develop and administer the educational assistance grant program for students with dependents. In administering the program, once the balance in the students with dependents grant account is five hundred thousand dollars, the office's powers and duties shall include but not be limited to:
(1) Adopting necessary rules and guidelines;
(2) Publicizing the program;
(3) Accepting and depositing donations into the grant account established in *RCW 28B.133.030; and
(4) Soliciting and accepting grants and donations from private sources for the program.