1. (a) The board, with the assistance of the advisory committee, shall develop a formula for allocating funds to participating institutions in a way that fulfills the purpose of the program.
2. (b) Unless otherwise indicated, institutions shall have until a date specified by the board via a policy memo addressed to the program officer at the institution to encumber all funds allocated to them. On that date, institutions lose claim to any unencumbered funds and the unencumbered funds are available to the board for reallocation to other institutions. If necessary for ensuring the full use of funds, the funds not utilized may be reallocated to other institutions within the same fiscal year.

Source Note:The provisions of this §520.6 adopted to be effective December 9, 2009, 34 TexReg 8728; amended to be effective April 10, 2013, 38 TexReg 2224; amended to be effective February 8, 2017, 42 TexReg 429.