Section 457-614-7 - Payment ProceduresFunds will be issued to the institution pursuant to the following procedures:
A. The Authority will allocate available program funds by providing to each eligible institution a percentage of the funds available which is equal to that institution's percentage of the full time equivalent, in-state students attending the University of Maine System as a whole, as published by the Chancellor of the University of Maine System. For example, if an eligible institution enrolls 10% of all of the full time equivalent students of the University of Maine System the previous fall, then that campus will receive 10% of the available funds. The Chancellor's Office will notify the Authority annually no later than February 15 of the number of full time equivalent students attending the University of Maine System in the immediately preceding fall semester, as well as the number of full time equivalent students enrolled at each eligible campus.B. No later than March 1, the Authority will provide each institution an estimate of the funds that will be available to that institution for distribution.C. The Authority will disburse available funds to each institution in accordance with the allocation formula no later than August 15 or the first business day following August 15.D. If a recipient of a grant withdraws from an institution and the student is entitled to a refund of tuition, fees or other charges, the institution may award such amounts to another eligible student.E. No later than May 15 (or the first business day following May 15), each institution must provide the Authority with a final roster and reconciliation. The roster will include all recipients of program funds and the amounts received, as well as a certification from the submitting institution that the recipient all eligibility criteria. The reconciliation shall identify any interest earned on undisbursed funds and the use of such interest. Any unspent funds in excess of $500 must be returned to the Authority for disbursement the following year.F. For academic year 2001-2002 the deadlines listed in subsection A-C above will be adjusted so that the Program may be implemented upon final adoption of this rule.94- 457 C.M.R. ch. 614, § 7