W. Va. Code R. § 133-26-3

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 133-26-3 - Funding

3.1. A special revolving fund known as the Underwood-Smith Teaching Scholars Program Fund has been created in the State Treasury and is administered by the Vice Chancellor for Administration of the West Virginia Higher Education Policy Commission (Commission) solely to grant scholarships for prospective teachers and loan repayment assistance to teachers and school counselors. Monies received from collections, monies appropriated by the Legislature, interest earned on these monies, and monies received by other sources will be placed in this fund.

3.2. Carry-forward monies shall not expire or revert and will be used for future scholarships.

3.3. Additional funding may be received from gifts, grants, contributions, bequests, or endowments.

3.4. The Vice Chancellor for Administration shall make a reasonable effort to encourage external support for the scholarship program.

3.5. Fund balances shall be invested with the state's consolidated investment fund and interest on these investments shall be used solely for the use that they were appropriated.

3.6. In order to encourage support for the Underwood-Smith Teaching Scholars Program and loan repayment programs, the Vice Chancellor for Administration may set aside up to one-half of the funds appropriated by the Legislature to match non-state source contributions on behalf of a specific institution of higher education in this state. Such match shall be at the rate of two state dollars to each one dollar contributed by a private source.

W. Va. Code R. § 133-26-3