Section R765-611-9 - Use of Program Funds Received by an Eligible Institution(1) An eligible institution may at its discretion place up to, but in no case more than, 3.0% of the total amount of program funds allocated to it for the award year in a budget for student financial aid administrative expenses of the institution.(2) If an eligible institution determines that it cannot use any portion of its VeT Gap allocation in an award year, the institution may return that portion of its allocation to the program administrator and the program administrator may redistribute the returned funds to other eligible institutions that it determines have unmet needs for that same award year.(3) An eligible institution may not carry forward or carry back from one fiscal year to another any of its VeT Gap allocation for a fiscal year.(4) OCHE may redistribute forfeited funds to other eligible institutions mid-year or as regular VeT Gap allocations the next award year.(5) An eligible institution may establish processes to determine the distribution of funds to students so long as it does so in accordance with the provisions established in this rule.Utah Admin. Code R765-611-9
Adopted by Utah State Bulletin Number 2022-03, effective 1/20/2022Amended by Utah State Bulletin Number 2024-05, effective 2/14/2024