1. (a) For each school year, the treasurer of state shall determine, based on the amount of funds available for the program, the number of grants that the treasurer of state will award under the program. The number of applications approved and the number of grants awarded under this article by the treasurer of state for the school year may not exceed the number determined by the treasurer of state under this section.

2. (b) The treasurer of state may deduct the following amounts from the funds made available for the program to cover costs of managing accounts and administering the program:

   1. (1) For the first year of the program, not more than ten percent (10%) of the funds made available to cover the costs described in this subsection.

   2. (2) For each year thereafter, not more than five percent (5%) of the funds made available to cover the costs described in this subsection.

      Any amount deducted under this subsection shall be deposited in the Indiana education scholarship account administration fund established by IC 20-51.4-4-3.5 .

As added by P.L.165-2021, SEC.180. Amended by P.L.132-2022, SEC.3.