The Coordinating Board shall perform the following services
with regard to the Program:
(1) Accept funds transferred to the Coordinating Board
by institutions for use in matching federal or state grant funds,
assure such matching funds are used to assist institutions and students
with the greatest financial need, and return any funds on deposit
from institutions if matching funds are not available.
(2) Monitor institutional use of program funds and
accept funds transferred to the Coordinating Board by institutions
which fail to fully utilize the grant funds set aside in accordance
with Program requirements. If an institution's year-end Program balance,
including funds on deposit with the Coordinating Board, exceeds 150
percent of the amount set aside from tuition, the excess funds shall
be sent to the Coordinating Board which shall use the funds for the
Toward EXcellence, Access and Success Grant Program.
|
