Virginia Administrative Code › Title 8 - EDUCATION › Agency 40 - STATE COUNCIL OF HIGHER EDUCATION FOR VIRGINIA › Chapter 71 - VIRGINIA TUITION ASSISTANCE GRANT PROGRAM REGULATIONS › Section 8VAC40-71-30 - Disbursement of funds

Current through Register Vol. 40, No. 24, July 15, 2024
A. Advancement
				of funds. A percentage of an institution's estimated allocation of funds for a
				term will be forwarded to the institution at the beginning of the term. The
				allocation will be based primarily on the projected award for the term and each
				institution's prior academic year's enrollment unless the institution makes a
				convincing case by presenting new enrollment factors.
After the census date for each term, the institution will
				  certify that recipients are enrolled as full-time students and are meeting
				  other eligibility requirements established for the program. After enrollment is
				  verified, additional funds, if needed, may be disbursed to the institution.
				  Funds for recipients reported as not enrolled full time or not meeting other
				  eligibility requirements shall not be disbursed to students, and funds for
				  these students, if already received by the institution in its capacity as the
				  student's fiscal agent, shall be returned to the council no later than the end
				  of the fiscal year unless otherwise requested, in which case the deadline is
				  within 30 days of the request.
B. Notification to students. The private
				institutions that participate in this program shall, during the spring semester
				previous to the commencement of a new academic year or as soon as a student is
				admitted for that academic year, whichever is later, notify their enrolled and
				newly admitted Virginia students about the availability of tuition assistance
				awards under the program. The information provided to students and their
				parents must include information about the eligibility requirements, the
				application procedures, and the fact that the amount of the award is an
				estimate and is not guaranteed. The number of students applying for
				participation and the funds appropriated for the program determine the amount
				of the award. Conditions for reduction of award amount and award eligibility
				are described in these regulations. The institutions shall certify to the
				council that such notification has been completed and shall indicate the method
				by which it was carried out.
Further, the institutions shall make students aware that the
				  award is state funded. Evidence of such notification may include award letters
				  or other formal procedures used by the institution for student notification of
				  financial aid awards.
C.
				Restriction on use of funds. An institution shall establish and maintain
				financial records that accurately reflect all program transactions as they
				occur. The institution shall identify each program transaction and separate
				those transactions from all other institutional financial activity. Program
				funds shall be deposited in a noninterest-bearing account established and
				maintained exclusively for that purpose. Funds shall be disbursed only to
				student accounts receivable or returned to the council. The institution shall
				not hold program funds in the account for more than 20 working days before
				transferring funds to student accounts.
Funds received by the institutions under the program shall be
				  used only to pay awards to students. The funds are held in trust on behalf of
				  the Commonwealth of Virginia by the institutions for the intended student
				  beneficiaries and shall not be used for any other purpose.
Statutory Authority
§ 23-38.3 of the Code of
					 Virginia.