4701-17-04 Scholarship procedure; fund balance.

 

 

 

4701-17-04                  Scholarship awardsprocedure; fund balance.

 

 

 

(A)   The procedure for Tiertier one scholarship commitments are determinedscholarships is as follows:

 

(1)     After the expiration of the deadlines specified in paragraph (B) of rule 4701-17-03 of the Administrative Code, the board will meet and determine both the number and dollar amount of tierTier one scholarship commitments have priority over tier two scholarship commitments.

 

(2)    Tier one scholarship commitments made shall be based primarily upon the number of qualified minority applicants, the number of qualified other students who demonstrate a financial need, andcannot exceed the total of available funds designated by the board for that year including expired commitments.

 

(3)    Final determination of the number andThe amount of a tier one scholarship commitments shall be made by the board. After the final number and dollar amount of the tier one scholarship commitments is approved by the board, notices will mailed to all successful applicants no later than thirty days after the board meetingcommitment 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 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.

 

(B)  Tier two commitments may be made as followsconsist 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)   TierThe procedure for tier two scholarship commitments are determinedscholarships is as follows:

 

(1)     During the last quarter of each fiscal year, Thethe board will meet and determine each year both the number and dollar amount of tier two scholarship commitments.

 

 

 

 

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

(3)     Tier two scholarship commitments made shall be based primarily upon the average number of students from each Ohio college or university that meets the provisions of paragraph (C)(2) of this rule, who passed the CPA examination on the first attempt during the three previous years.

(4)      Final determination of the number and amount of tier two scholarship commitments shall be made by the board. After the board approves the final number and dollar amount of tier two commitments, paymentsgrants will be made to theall qualifying colleges and universities to be used for scholarshipsthat meet the requirements of paragraphs (E) and (F) of this rule.

(5)     Each college or university will determine the process by which tier two moneysgrants will be awarded to qualifying students. However, the students receiving tier two moneysscholarships 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)    The total dollar amount of outstanding tier one scholarship commitments plus tier two commitments shall not exceed the dollar amount in the education assistance fund as of the date of the commitments, without regard to estimated future income.

(E)   Each college or university that receives tier two moneysgrants shall report annually to the board a summary of tier two scholarship commitments awarded through the institution and the amounts yet to be awarded. The report should contain a description of any additional criteria required by the institution for tier two scholarship commitments as described in paragraph (B)(4) of rule 4701-17-02 of the Administrative Code. 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 moneysgrants 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 grants will subject the institution to the requirements of paragraph (F) of this rule.

(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:                                05/07/2003

R.C. 119.032 review dates:    02/18/2003 and 05/07/2008

CERTIFIED ELECTRONICALLY

Certification

04/25/2003

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