- (1) Each participating institution shall enter into a written agreement with the Board or assigned designee agreeing to abide by the program policies, accept and disburse funds per program rules, provide the required report each year, and keep documentation for the program to support the awards and actions taken.
(2) By accepting the funds, the participating institution agrees to the additional following terms and conditions:
- (a) The institution may at its discretion use up to 3% of the funds it receives for the Utah Promise Program to cover administrative costs.
- (b) The institution may carry forward or carry back a limited portion of its promise grant allocation from one award year to another, subject to specific guidelines and approval by the Board.
- (c) The institution shall inform the Board immediately if it determines it will not be able to utilize all program funds allotted to it for an award year.
- (d) Absent approval by the Board for a carry forward amount, each institution shall return unused funds to the Board.
- (e) The Board shall redistribute unused program funds to the other eligible institutions as supplemental promise grant allocations for disbursement during the same award year.
- (f) Promise grant allocations budgeted for administrative expenses may not be part of any carryover.
- (g) There shall be no exception to these terms and conditions unless approved in advance by the Board.
KEY: financial aid, higher education, scholarship
Date of Last Change: May 5, 2026
Notice of Continuation: August 16, 2024
Authorizing, and Implemented or Interpreted Law: 53H-11-414