Section 188-D:41 Grants.
[Paragraphs I to III and V contingently repealed; see contingent 2000 repeal note set out below.]
I. Each private gift or contribution made shall be matched by state funds in accordance with the dollar amount of the individual gift or contribution. The annual matching amount of state funds for each individual private gift or contribution shall be as follows:
$1""$99,999 50 percent state matching grant $100,000""$999,999 75 percent state matching grant $1,000,000 or more 100 percent state matching grant
II. Participating institutions shall maintain an accounting of all gifts and contributions made to the program, and shall forward a report of such accounting to the postsecondary education commission no later than May 1 of each fiscal year.
III. On June 1 of each fiscal year, the postsecondary education commission shall distribute matching funds to participating institutions based on documented gifts and contributions received during the preceding 12 months. State matching funds shall be deposited into the endowment fund established at each participating institution or the participating institution's foundation.
IV. Grant awards shall be made on the basis of merit and need, and the participating institution may determine the most suitable method of grant disbursement to granite state scholars enrolling at the participating institution. Grant awards shall only be conferred upon verification of high school graduation and achievement of the academic criteria set forth in this subdivision.
V. If the state matching funds are insufficient to meet the grant amounts required under paragraph I of this section, grants shall be calculated and disbursed according to a percentage derived by dividing the actual state matching funds appropriated by the amount of state funds necessary to meet full matching grant amounts.
Source. 2000, 70:2, eff. July 1, 1999.