§ 115C-499.4. Scholarship administration; reporting requirements.
§ 115C‑499.4. Scholarship administration; reporting requirements.
(a) The scholarshipsprovided for in this Article shall be administered by the Authority under rulesadopted by the Authority in accordance with the provisions of this Article.
(b) The Authority shallreport no later than June 1, 2008, and annually thereafter to the JointLegislative Education Oversight Committee. The report shall contain, for theprevious academic year, the amount of scholarship and grant money disbursed,the number of students eligible for the funds, the number of eligible studentsreceiving the funds, and a breakdown of the eligible postsecondary institutionsthat received the funds.
(c) The Authority mayuse up to one and one‑half percent (1.5%) of the funds transferred inaccordance with Chapter 18C of the General Statutes for administrativepurposes.
(d) Scholarship fundsunexpended shall remain available for future scholarships to be awarded underthis Article.
(e) The State EducationAssistance Authority shall report annually to the Joint Legislative Commissionon Governmental Operations regarding the use of the funds allocated to theAuthority under S.L. 2005‑344. (2005‑344, s. 2; 2005‑276, s. 31.1(v1);2006‑259, s. 8(k); 2006‑264, s. 91(d).)