Section R765-620-16 - Institutional Participation Agreement(1) Each participating institution shall enter into a written agreement with the board or assigned designee agreeing to abide by the program policies, accept and disburse funds per program rules, provide the required report each year, and retain documentation for the program to support the awards and actions taken.(2) By accepting the funds, the participating institution agrees to the additional following terms and conditions: (a) The institution may at its discretion use up to 3% of the funds it receives for the Utah Promise Program to cover administrative costs.(b) The institution may not carry forward or carry back from one award year to another any of its promise grant allocation.(c) The institution shall inform the board immediately if it determines it will not be able to utilize all program funds allotted to it for an award year.(d) Absent any exception for a carry forward amount, each institution shall return unused funds to the board.(e) The board shall redistribute unused program funds to the other eligible institutions as supplemental promise grant allocations for disbursement during the same award year.(f) Promise grant allocations budgeted for administrative expenses may not be part of any carryover.(g) There shall be no exception to these terms and conditions unless approved in advance by the board.Utah Admin. Code R765-620-16
Adopted by Utah State Bulletin Number 2024-05, effective 2/14/2024