2006 Utah Code - 53B-7-502 — Higher Education Tuition Assistance Program.

     53B-7-502.   Higher Education Tuition Assistance Program.
     (1) There is created the "Utah Higher Education Tuition Assistance Program," hereafter referred to in this part as the program.
     (2) The board shall administer the program.
     (3) The program shall be funded through appropriations by the Legislature.
     (4) Money appropriated for the program shall be available only for matching grants for scholarship endowments to higher education institutions under this part.
     (5) (a) The board shall adopt rules for administration of the program, in accordance with Title 63, Chapter 46a, Utah Administrative Rulemaking Act.
     (b) The rules shall include the requirements that money appropriated to the program for a specific fiscal year, plus any remaining balance at the end of the preceding fiscal year, shall be allocated to eligible institutions on the following basis:
     (i) the board shall distribute 50% of the amount available for allocation each fiscal year in equal proportions to:
     (A) Snow College, main campus and extensions;
     (B) Dixie College, main campus and extensions;
     (C) College of Eastern Utah, main campus and extensions;
     (D) College of Eastern Utah, San Juan Campus and extensions;
     (E) Utah Valley State College, main campus and extensions;
     (F) Salt Lake Community College, Taylorsville campus and extensions;
     (G) Salt Lake Community College, South City Campus; and
     (ii) the board shall distribute 50% of the amount available for allocation each fiscal year to the Utah State University for its instructional centers at Roosevelt, Blanding, Randolph, Price, Moab, Brigham City, Tooele, Richfield, and Ephraim, and other centers as may be determined by the board.
     (6) Higher education institutions may submit proposals to the board, for specific eligible entities, for one-to-one matching grants for endowment of scholarship programs for students with demonstrated financial need, determined by criteria established by the board.
     (7) An institution may submit a proposal under Subsection (6) only when it has raised, from nonappropriated sources other than federal funds or reimbursed overhead funds, the one-to-one match for the amount of program moneys requested in the proposal.
     (8) Money allocated for a specific eligible entity from a specific fiscal year appropriation shall remain in reserve for proposals for the specific eligible entity for a period of three fiscal years, and any money reserved for which the institution does not submit an eligible proposal by the end of the three-year period shall be returned to the pool of program money available for allocation for the following fiscal year.
     (9) (a) An institution shall provide that, if grant money is received from the program, the institution shall establish a specific restricted college endowment fund, separate and distinct from any foundation funds, for scholarships for students with demonstrated financial need, who are enrolled at the specific eligible entity covered by the proposal, in accordance with board rules adopted for the program.
     (b) Money in the college endowment funds shall be invested in compliance with rules of the State Money Management Council applicable to gift funds.
     (c) Principle of the institutional endowment funds established under the program may not be expended and up to 50% of the money earned on principle in the endowment funds in a fiscal

year may be retained and capitalized as endowment principle, but at least 50% of the money shall be used for scholarships for students with demonstrated financial need in the following fiscal year.

Enacted by Chapter 103, 1998 General Session