Ala. Admin. Code r. 300-3-1-.02
Current through Register Vol. 43, No. 02, November 27, 2024
Section 300-3-1-.02 - Administrative Role(1) By law, Act No. 85-759, ACHE is required to administer the Alabama Endowment Trust Fund for Eminent Scholars.(2) Alabama legislature allocates funds to ACHE for the Endowment Trust Fund for Eminent Scholars.(3) Authorized universities requesting challenge grants must submit a current bank/financial statement, which verifies that $600,000 exists in a designated Eminent Scholars account and a letter from the authorized university's president, which verifies that the sources of their contributions are solicited and received from private donors on behalf of the Eminent Scholars program.(4) ACHE is responsible for collecting and verifying the qualifying documentation from authorized universities requesting challenge grants, date and time stamping the documentation, assigning a number relating to the order the university will receive a grant on a session schedule, serving a public notice of current session schedules to authorized universities before and after the cut-off date and distributing the grants when funds are available.(5) ACHE will only award grants in increments of $400,000. The number of grants available in one year can be calculated by dividing the total sum of funds available by $400,000. Added grants may become available as interest income accumulates and/or additional funds are allocated by Legislature. Author: Kay Ivey
Ala. Admin. Code r. 300-3-1-.02
Statutory Authority:Code of Ala. 1975, §§ 16-61-1, et seq.