Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 616 - DOCTORS FOR MAINE'S FUTURE SCHOLARSHIP PROGRAM › Section 457-616-6 - Allocation and Payment Procedures

Current through 2024-29, July 17, 2024
A. The Authority
				shall strive to ensure that the total number of scholarships available from the
				Fund over the projected life of the Scholarship Program be allocated equitably
				among Medical School Programs which have raised sufficient matching funds in
				order to allow the Authority to do so. As a result, the Authority may award
				different numbers of scholarships from the Fund to different Medical School
				Programs in a given year.
B. In
				determining the number of scholarships available to be allocated in any given
				year from the Fund, the Authority shall take into account the number of Medical
				School Programs, the current and projected demand for new and renewal
				scholarships, the scholarship amount, funds available and projected to become
				available in the Fund, matching funds raised by each Medical School Program,
				and such other factors as the Authority, in its discretion, deems advisable or
				necessary in order to fairly and effectively administer the Scholarship
				Program. The Authority shall advise each Medical School Program of the number
				of scholarships to be allocated to it for the upcoming academic year no later
				than February 28, annually.
C. No
				Medical School Program may be allocated more than the number of scholarships
				from the Fund for which it has raised matching funds as of January 1
				immediately preceding the award year, except that in the year a Medical School
				Program first enters into a Participation Agreement with the Authority, no
				Medical School Program may be allocated more than the number of scholarships
				from the Fund for which it has raised matching funds as of the date of the
				Participation Agreement. Regardless of the amount of matching funds a Medical
				School Program has raised, the maximum number of scholarships it may receive in
				a given year from the Fund is within the discretion of the Authority, taking
				into account the factors in subsection B, above.
D. By such time annually as is determined by
				the Authority, each Medical School Program eligible for scholarship funds from
				the Fund for the upcoming academic year shall provide a certification on such
				form as is required by the Authority from its chief financial officer stating
				the amount of matching funds which the Medical School Program had available as
				of January 1 and that the required matching funds continue to be available for
				scholarships. Each Medical School Program must subsequently provide to the
				Authority a certification from its independent auditor regarding the amount of
				matching funds that were available on January 1 of the year and the number and
				amount of scholarships that were awarded to eligible students with matching
				funds and from funds provided to the Medical School Program from the Fund in
				the academic year following January 1.
E. The Authority will make Scholarship
				Program funds from the Fund available to Medical School Programs for award to
				eligible students on a semi-annual basis, with one disbursement in the fall
				semester and one disbursement in the spring semester.