- A. The Authority shall review each application for compliance with the Act and this chapter. If the Authority determines that an application is not responsive to the requirements under Regulation .03 of this chapter, the Authority shall notify the nonprofit institution of higher education of the deficiency, and the nonprofit institution of higher education shall have 5 business days to cure the deficiency.
- B. The Authority shall provide notice to a nonprofit institution of higher education of the Authority’s approval or rejection of an application, including the research endowment plan submitted with the application, and any allocation of matching funds under the Program within 60 days after the Authority has deemed the application complete. If an application is not approved, the notice from the Authority shall include the reason(s) the application could not be approved.
- C. The Authority shall encumber the matching funds allocated to a nonprofit institution of higher education at the time the Authority approves an application. Subject to Regulation .08 of this chapter, Program funds are encumbered once the agreement for distribution of matching funds under the Program is fully executed and the funds shall remain encumbered.
Authority: Economic Development Article, §§2-108 and 6-601—6-623, Annotated Code of Maryland
Effective date: June 22, 2015 (42:12 Md. R. 763)
Regulation .01B amended September 2, 2024 (51:17 Md. R. 778)
Regulation .02A, B amended September 2, 2024 (51:17 Md. R. 778)
Regulation .03 B amended September 2, 2024 (51:17 Md. R. 778)
Regulation .04C amended September 2, 2024 (51:17 Md. R. 778)
Regulation .05B, D amended September 2, 2024 (51:17 Md. R. 778)
Regulation .05G adopted September 2, 2024 (51:17 Md. R. 778)
Regulation .06A, C amended September 2, 2024 (51:17 Md. R. 778)
Regulation .07 amended September 2, 2024 (51:17 Md. R. 778)
Regulation .08 amended September 2, 2024 (51:17 Md. R. 778)
Regulation .09A, D amended September 2, 2024 (51:17 Md. R. 778)
Regulation .09E, F adopted September 2, 2024 (51:17 Md. R. 778)
Regulation .10A amended September 2, 2024 (51:17 Md. R. 778)
Regulation .11C amended September 2, 2024 (51:17 Md. R. 778)