§ 6405 — State reimbursement to certain independent institutions of higher education which participate in the federal work study program

§ 6405. State reimbursement to certain independent institutions of\nhigher education which participate in the federal work study program. 1.\nFor purposes of this section, the following terms shall be defined as\nfollows:\n a. "Institutional award year" shall mean the period from the first day\nof July until the thirtieth day of June of the following year, next\npreceding the state fiscal year in which state aid is to be paid.\n b. "Eligible expenditures" shall mean the total expenditures made by\nan institution from federal college work study funds received by the\ninstitution for the employment of students by such institution.\n 2. The commissioner is hereby authorized to pay any independent,\nnon-profit institution of higher education incorporated by the regents\nor the legislature, which maintains one or more earned degree programs,\nother than seminarian or theological programs, and which participates in\nthe college work study program in accordance with the provisions of Part\nC of Title IV of the Higher Education Act of 1965 as amended, upon\napplication by such institution, twenty-five percentum of the eligible\nexpenditures of the institution for the purpose of reimbursing the\ninstitution for its expenditure of funds in such work study program.\nSuch payments shall commence in the state fiscal year beginning April\nfirst, nineteen hundred eighty-one for expenditures made during the\ninstitutional award year commencing on July first, nineteen hundred\neighty.\n 3. Payments shall be made in accordance with a schedule to be\ndetermined by the commissioner, and upon application by the institution\nin such form and at such times as are determined by the commissioner.\nThe commissioner is authorized to promulgate such regulations as are\nneeded to accomplish the purposes of this section.\n 4. Any institution receiving payment pursuant to this section shall\nnot use such funds for any purpose other than a college work study\nprogram, and shall indicate separately the total of all funds expended\nfor the college work study program and the amount of reimbursement\nclaimed by the institution, on such form as the commissioner shall\ndesignate.\n 5. Any institution receiving funds under this section shall match such\npayments dollar for dollar with additional financial aid to needy\nstudents who are determined to be in need according to standards\napproved by the commissioner and shall indicate the total of all\nfinancial aid provided for all students during academic year nineteen\nhundred eighty--nineteen hundred eighty-one and thereafter on such form\nas the commissioner shall designate.\n 6. Payments to institutions of higher education pursuant to\nsubdivision two of this section shall not exceed:\n a. For payments to be made during the state fiscal year commencing\nApril first, nineteen hundred eighty-one, one-third of twenty-five\npercent of the eligible expenditures of an institution.\n b. For payments to be made during the state fiscal year commencing\nApril first, nineteen hundred eighty-two, two-thirds of twenty-five\npercent of the eligible expenditures of an institution.\n c. For payments to be made during the state fiscal year commencing\nApril first, nineteen hundred eighty-three, and in each state fiscal\nyear thereafter, one hundred percent of twenty-five percent of the\neligible expenditures of an institution.\n