The fund is a nonpublic special, revolving fund established and maintained by the State of South Carolina. The fund consists of monies received from contributors, other monies acquired from governmental and private sources, and proceeds from the investments of the fund. The fund may expend funds for the purposes of this chapter only and may not be considered public funds. There must be a separate accounting for each designated beneficiary.

The fund must be invested as directed by the Treasurer. However, earnings in the fund or a portion of the fund may not be used as security for a loan. An attempt to use the fund, a contract, or a portion of either as security for a loan is void. The fund may be invested in a manner authorized by law. The custody and management of the fund is directed by the Treasurer. The earnings from fund investments become a part of the fund and may be expended for the purposes of this chapter only.