| (a) Disbursement of Funds to Institutions. As requested
by institutions throughout the academic year, the Coordinating Board
shall forward to each participating institution a portion of its allocation
of funds for timely disbursement to students. Institutions will have
until the close of business on August 1, or the first working day
thereafter if it falls on a weekend or holiday, to encumber program
funds from their allocation. After that date, institutions lose claim
to any funds in the current fiscal year not yet drawn down from the
Coordinating Board for timely disbursement to students. Funds released
in this manner in the first year of the biennium become available
to the institution for use in the second year of the biennium. Funds
released in this manner in the second year of the biennium become
available to the Coordinating Board for utilization in scholarship
processing. Should these unspent funds result in additional funding
available for the next biennium's program, revised allocations, calculated
according to the allocation methodology outlined in this rule, will
be issued to participating institutions during the fall semester.
(b) Reductions in Funding.
(1) If annual funding for the program is reduced after
the start of a fiscal year, the Coordinating Board may take steps
to help distribute the impact of reduced funding across all participating
institutions by an across-the-board percentage decrease in all institutions'
allocations.
(2) If annual funding is reduced prior to the start
of a fiscal year, the Coordinating Board may recalculate the allocations
according to the allocation methodology outlined in this rule for
the affected fiscal year based on available dollars.
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