- (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.
- (b) Unless otherwise indicated, institutions will 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, subsequent reallocations may be scheduled until all funds are awarded and disbursed.
Source Note:The provisions of this §520.6 adopted to be effective December 9, 2009, 34 TexReg 8728.