| (a) As requested by institutions throughout the academic
year, the Board shall forward to each participating institution a
portion of its allocation of funds for timely disbursement to students.
(b) 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
for timely disbursement to students. After that date, institutions
lose claim to any funds in the current fiscal year not yet drawn down
from the Board for timely disbursement to students.
(c) 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 Board for utilization
in financial aid processing.
(d) Should these unspent funds result in additional
funding available for the next year's program, revised allocations,
calculated according to the allocation methodology outlined in this
subchapter, will be issued to participating institutions during the
fall semester.
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