Within the Department of Education, an Office of South Carolina Financial Literacy is established. The office shall: (1) provide to the board information on best practice, successful strategies, model programs, and financing mechanisms; (2) provide technical assistance and recommendations regarding grant proposals and improvement in meeting goals; (3) recommend to the board the applicants meeting the criteria for Financial Literacy grants to be awarded; (4) submit an annual report to the board by December first, which includes, but is not limited to, the statewide needs and resources available to meet the goals and purposes of the Financial Literacy Initiative, the ongoing progress and results of the Financial Literacy Initiative, fiscal information on the expenditure of funds, and recommendations and legislative proposals to further implement the South Carolina Financial Literacy Initiative; (5) provide for on-going data collection and contract for an in-depth performance audit due January 1, 2010, and every three years thereafter, to ensure that statewide goals and requirements of the Financial Literacy Initiative are being met; and (6) coordinate the Financial Literacy Initiative with all other state, federal, and local public and private efforts to promote and improve financial literacy.
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