2.2-5005 - Incentive performance benefits to certain public institutions of higher education.
§ 2.2-5005. Incentive performance benefits to certain public institutions ofhigher education.
As used in this section, unless the context requires a different meaning:
"Fiscal year of implementation" means the first full fiscal year for whichthe financial and administrative management and educational-relatedperformance benchmarks described under § 23-9.6:1.01 are effective, asprovided in a general appropriation act.
Beginning with the fiscal year that immediately follows the fiscal year ofimplementation and for all fiscal years thereafter, each public institutionof higher education that (i) has been certified during the fiscal year by theState Council of Higher Education of Virginia pursuant to § 23-9.6:1.01 ashaving met the institutional performance benchmarks for public institutionsof higher education and (ii) meets the conditions prescribed in subsection Bof § 23-38.88, shall receive the following financial benefits:
1. Interest on the tuition and fees and other nongeneral fund Educational andGeneral Revenues deposited into the State Treasury by the public institutionof higher education, as provided in the appropriation act. Such interestshall be paid from the general fund and shall be an appropriate and equitableamount as determined and certified in writing by the Secretary of Finance tothe Comptroller by the end of each fiscal year, or as soon thereafter aspracticable;
2. Any unexpended appropriations of the public institution of highereducation at the close of the fiscal year, which shall be reappropriated andallotted for expenditure by the institution in the immediately followingfiscal year; and
3. A pro rata amount of the rebate due to the Commonwealth on credit cardpurchases of $5,000 or less made during the fiscal year. The amount to bepaid to each institution shall equal a pro rata share based upon its totaltransactions of $5,000 or less using the credit card that is approved for useby all state agencies as compared to all transactions of $5,000 or less usingsuch card by all state agencies. The Comptroller shall determine the publicinstitution's pro rata share and, as provided in the appropriation act, shallpay the institution by August 15, or as soon thereafter as practicable, ofthe fiscal year immediately following the year of certification.
The payment to an institution of its pro rata share under this subdivisionshall also be applicable to other rebate or refund programs in effect thatare similar to that of the credit card rebate program described in thissubdivision. The Secretary of Finance shall identify such other rebate orrefund programs and shall determine the pro rata share to be paid to thepublic institution of higher education.
4. A rebate of any transaction fees for the prior fiscal year paid for solesource procurements made by the institution in accordance with subsection Eof § 2.2-4303, for using a vendor who is not registered with the Departmentof General Service's web-based electronic procurement program commonly knownas "eVA", as provided in the appropriation act. Such rebate shall becertified by the Department of General Services and paid to each publicinstitution by August 15, or as soon thereafter as practicable, of the fiscalyear immediately following the year of certification.
(2005, cc. 933, 945.)