4701-17-04 Scholarship procedure; fund balance.

 

 

 

4701-17-04                  Scholarship procedure; fund balance.

 

 

 

(A)  The procedure for tier one scholarships is as follows:

 

(1)     Tier one scholarship commitments have priority over tier two scholarship commitmentsgrants.

 

(2)    Tier one scholarship commitments cannot exceed the total of available funds designated by the board for that year including expired commitments.

 

(3)     The amount of a tier one scholarship commitment shall not exceed the annualized maximum in-state tuition charged by a state-supported Ohio university.

 

(4)    A scholarship grant cannot be used for college coursework in excess of that required by division (D)(1)(b) of section 4701.06 of the Revised Code.

 

(5)    A scholarship grant shall not exceed either the commitment amount, or the student's actual tuition less any other financial aid, whichever is less.

 

(6)Scholarship grants are prorated over two semesters or three quarters. There is no carryover of unused funds allocated for an academic term to any subsequent term.

 

(B)Tier two commitments consist of the following:

 

(1)An amount determined by the board to support minority CPA development and recruitment programs that have been approved by the board.

 

(2) Scholarship commitments as described in paragraph (C) of this rule.

 

(C)(B) The procedure for tier two scholarshipsgrants to colleges and universities is as follows:

 

(1)   During the last quarter of each fiscal year, the board will determine the funds

available for

both the number and dollar amount of tier two scholarship

commitmentsgrants.

(2)   Tier two scholarship commitments will be awarded only to Ohio colleges and universities that have five-year degree programs as defined in paragraph (H)(F) of rule 4701-17-01 of the Administrative Code.

(3)    Tier two scholarship commitmentsgrants shall be based primarily upon the

average number of students from each Ohio college or university that meets the provisions of paragraph (C)(2)(B)(2) of this rule, who passed each section of the CPA examination on the first attempt during a one-year period for the three previous years. The amount of the grants shall be approved by the board.

(4) After the board approves the final number and dollar amount of tier two commitments, grants will be made to all qualifying colleges and universities that meet the requirements of paragraphs (E) and (F) of this rule.

(5)(4) Each college or university will determine the process by which tier two grants will be awarded to qualifying students. However, the students receiving tier two scholarships shall be selected by the chair of the department of accounting or other appropriate official designated by the chief executive officer of the college or university.

(D)(C) The total dollar amount of outstanding current tier one scholarship commitments plus tier two commitmentsgrants shall not exceed the dollar amount in the education assistance fund as of the date of the commitments or grants, without regard to estimated future income.

(E)(D) Each college or university that receives tier two grants shall report annually to the board a summary of tier two scholarship commitmentsgrants awarded through the institution and the amounts yet to be awarded. The college or university must submit the report to the board no later than May fifteenth of each year. A college or university that fails to submit a report for the previous year will not be eligible for tier two grants until the report is submitted. The college or university must list in the report the specific students to whom the grant funds will be allocated starting with tier two grants awarded in fiscal year 2003. The college must notify the board of any changes to its report related to the students eligible for tier two moneys and situations in which disbursed or previously allocated funds were not used for student support. Failure to allocate all tier two grantsgrant funds within twelve

months  of  receipt  will  subjectresult  in

the

institution

to  the  requirements  of

paragraph (F) of this rulebeing ineligible to receive further grants.

(F) Colleges and universities that have an unallocated balance of scholarship grant money as of the effective date of this rule have twenty-four months from the effective date of this rule to allocate that amount to students. Beginning two years from the effective date of this rule, a college or university that has not allocated its tier two scholarship funds within twelve months of receipt will be ineligible for further tier two scholarship grants until the college allocates its existing tier two scholarship fund balance.

Effective:                                                     01/16/2007

R.C. 119.032 review dates:                         10/24/2006 and 01/16/2012

CERTIFIED ELECTRONICALLY

Certification

01/03/2007

Date

Promulgated Under:                           119.03

Statutory Authority:                           4701.26

Rule Amplifies:                                  4701.26

Prior Effective Dates:                         6/2/94, 3/16/98, 9/23/99, 5/4/01, 5/7/03, 7/31/03