§ 21-16-1902 — Wyoming's tomorrow scholarship expenditure account created; use and appropriation of funds; calculation of annual average market value

Wyoming § 21-16-1902

• Jurisdiction: Wyoming
• Title 21: Education
• Ch. 16: HIGHER EDUCATION GENERALLY
• Art. 19: WYOMING'S TOMORROW SCHOLARSHIP PROGRAM

Text

(a) Except as otherwise provided by law, the Wyoming's
tomorrow scholarship expenditure account is created to consist
of all earnings from the Wyoming's tomorrow scholarship
endowment fund created by W.S. 9-4-204(u)(ix) and other funds
appropriated by the legislature to the expenditure account.
Funds within the expenditure account may be invested as
authorized by law. Interest and other earnings from amounts
within the expenditure account shall be credited to the
expenditure account. Monies within the expenditure account are
continuously appropriated to the state treasurer for
distribution to eligible institutions based on scholarships
awarded by the commission under this article, subject to
limitations provided for under subsection (b) of this section.
As soon as possible after the end of each of the fiscal years
beginning on and after July 1, 2022, the state treasurer shall
transfer monies from the expenditure account to the Wyoming's
tomorrow scholarship endowment fund to the extent monies within
the expenditure account are in excess of an amount equal to nine
percent (9%) of the previous five (5) year average market value
of the Wyoming's tomorrow scholarship endowment fund, calculated
from the first day of the fiscal year, except as provided for
under subsection (c) of this section. The state treasurer shall
report not later than November 1, of each year to the joint
education interim committee and the select committee on capital
financing and investments the amount of funds within the
expenditure account at the end of the previous fiscal year and
as of July 1, of the current fiscal year.
(b) Scholarships awarded under W.S. 21-16-1904 and
expended from the Wyoming's tomorrow scholarship expenditure
account shall be limited in accordance with the following:
(i) For the first academic year scholarships are
awarded, expenditures shall not exceed two and one-half percent
(2.5%) of the applicable fiscal year's average market value of
the Wyoming's tomorrow scholarship endowment fund calculated in
accordance with subsection (c) of this section;
(ii) For the second academic year and each academic
year thereafter scholarships are awarded, expenditures shall not
exceed five percent (5%) of the applicable fiscal year's average
market value of the Wyoming's tomorrow scholarship endowment
fund calculated in accordance with subsection (c) of this
section.
(c) The annual average market value of the Wyoming's
tomorrow scholarship endowment fund shall be calculated as
follows for the fiscal year (FY) specified:
(i) FY 2023 shall be equal to the market value of the
Wyoming's tomorrow scholarship endowment fund, calculated from
the first day of the fiscal year;
(ii) FY 2024 shall be equal to the previous two (2)
year average market value of the Wyoming's tomorrow scholarship
endowment fund, calculated from the first day of the fiscal
year;
(iii) FY 2025 shall be equal to the previous three
(3) year average market value of the Wyoming's tomorrow
scholarship endowment fund, calculated from the first day of the
fiscal year;
(iv) FY 2026 shall be equal to the previous four (4)
year average market value of the Wyoming's tomorrow scholarship
endowment fund, calculated from the first day of the fiscal
year;
(v) FY 2027 and each fiscal year thereafter, shall be
equal to the previous five (5) year average market value of the
Wyoming's tomorrow scholarship endowment fund, calculated from
the first day of the fiscal year.