Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 611 - MAINE EDUCATION SAVINGS PROGRAM (Amendment 18) › Section 457-611-18 - USE OF MAINE ADMINISTRATION FEE

Current through 2024-29, July 17, 2024
The Authority may use any amounts received from the Maine
				  Administration Fee charged to participants first to pay all costs of program
				  administration, including the maintenance of a reserve for administrative
				  expenses in any amount the Authority may determine to be necessary from time to
				  time, and for such other purposes as are allowed by the Program Act. The
				  Authority may use the remaining amounts to fund each of the following programs:
				  the fee rebate or waiver program; the matching grant programs; and the
				  scholarship programs.
A.
Matching Grant Programs
1) The
				Authority may award matching grants to Maine accounts to encourage the opening
				of accounts, to encourage contributions to accounts, and/or to encourage the
				use of automated account funding service options. The Authority shall determine
				the amount of matching grants from time to time and may establish terms and
				conditions for receiving and using matching grants, including but not limited
				to minimum contribution amounts, limitations on numbers of accounts eligible
				per beneficiary, maximum annual or account lifetime grant amounts, limitations
				on accounts eligible to receive matching grants, restrictions on the use of
				matching grants, and timing of grant awards.
2)
[Repealed effective April 7,
				2013]
3)
[Repealed
				effective March 6, 2003]
3A)
[Repealed effective March 6, 2011]
3B)
[Repealed effective April 7,
				2013]
4)
				Matching Grant Programs Generally
a)
[RESERVED]
b)
[Repealed effective April 7, 2013]
c)
[Repealed effective April 7,
				2013]
d) Although
				allocated to a particular account, matching grant funds will remain the
				property of the Authority until withdrawn for qualified higher education
				expenses at an institution of higher education. Matching grant funds, including
				earnings on matching grant funds eligible for use should be fully used before
				other contributions to the account or earnings thereon are used for qualified
				higher education expenses at an institution of higher education. To use
				matching grant funds, the participant must certify that such funds are being
				used for such qualified higher education expenses in such manner as required by
				the Authority.
e) All matching
				grant funds will be invested at the discretion of the Authority. The
				participant has no ability to direct the investment of matching grant
				funds.
f)
[Repealed
				effective April 7, 2013]
g) In the event a participant is no longer
				eligible to receive a matching grant because the account is no longer a Maine
				account, all matching grants allocated will remain allocated to that account,
				but that account will not be eligible to receive future matching grants, unless
				the account becomes eligible again.
h) The Authority reserves the right at all
				times to require evidence of eligibility to receive a matching grant and may
				conduct audits to determine eligibility without obtaining additional consent
				from the participant after a matching grant has been allocated to an account.
				In the event a subsequent audit reveals that the matching grant was obtained
				through the submission of erroneous information, the Authority may immediately
				revoke the matching grant. If matching grant funds have been withdrawn prior to
				the determination that the application or request for withdrawal contained
				erroneous information, the Authority may deduct the amount so obtained from any
				funds remaining in the account.
i)
				Matching grant funds, including earnings, if any, will be returned to the
				Authority in the following circumstances:
(i)
				The account is closed;
(ii) The
				account is transferred to another beneficiary; or
(iii)
[Repealed effective March 6,
				2011]
(iv) The amount
				remaining in the account after the participant makes a nonqualified withdrawal
				is less than the amount that had been matched.
(v)
[Repealed effective April 7,
				2013]
j)
[Repealed effective April 7, 2013]
k)
[Repealed effective March 6,
				2011]
l)
[Repealed
				effective April 7, 2013]