(a) College/university responsibilities.

1. (1) Administrative agreement.

   1. (A) The chief executive officer of the eligible institution is responsible for appointing one (1) representative from the financial aid office to act as administrator of the Arkansas Academic Challenge Scholarship Program and to receive all communications, forms, etc.
   2. (B) This representative is responsible for verification, data, and compliance with all program rules.
   3. (C) The institution must comply with all rules in order to maintain continued eligibility status.
2. (2) Disbursement records. The institution shall maintain information on the student indicating disbursement of scholarship funds.

3. (3) Institutional verification.

   1. (A) The institution shall provide certification of full-time enrollment and enrollment in courses that will meet satisfactory academic progress standards, as of the eleventh day of classes, by completing a verification roster each semester after registration.
   2. (B) The verification roster is an alphabetical listing by institution of all persons receiving the award for a given academic term.
   3. (C) The certifying official is responsible for completing the verification rosters each semester or trimester.
   4. (D) The Division of Higher Education shall provide electronic verification roster to the financial aid administrator for each semester or trimester as needed.
   5. (E) The electronic verification roster shall be returned to the division by November 1 for the fall term and by March 15 for the spring term.
   6. (F) Students who are enrolled less than full-time in the current term shall not receive scholarship benefits in that term.
   7. (G) The division shall also provide electronic continuing eligibility rosters to the Financial Aid Administrator before the end of the spring term.
   8. (H) The continuing eligibility rosters shall be returned to the division no later than June 1 to ensure that adequate time is provided to notify students of their status in the program.

4. (4) Deadlines for disbursement of funds.

   1. (A) The deadline for disbursement of funds is no later than ten (10) days after receipt of funds.
   2. (B) Any outstanding funds not disbursed by these dates must be returned to the division.
   3. (C) For those students whose applications are received by the division too late to allow disbursement by these dates, disbursement will be made within ten (10) working days of receipt of the verification roster and electronic transfer of funds.

5. (5) Due diligence.

   1. (A) The institution will exercise due diligence in providing complete, accurate, and timely information as requested by the division on any Arkansas Academic Challenge Scholarship recipient or former recipient.
   2. (B) In addition, the institution will exercise due diligence in complying with all the rules of the Arkansas Academic Challenge Scholarship Program.
   3. (C) The division shall periodically review the institution's records concerning this program in an effort to exercise its due diligence requirements as a steward of state funds.

(b) Recipient's responsibilities.

1. (1) It is the recipient's responsibility to notify the division of any change in status within twenty-one (21) days.

2. (2) This will include change in:

   1. (A) Name;
   2. (B) Address;
   3. (C) Institution; and
   4. (D) Full-time status (twelve (12) college credit hours for those students who are in their first fall semester following high school graduation, fifteen (15) college credit hours for those students who are beyond the first fall semester following high school graduation).
3. (3) Failure to notify the division of a change of status may affect future eligibility.