11 KAR 15:050. Disbursement.
RELATES TO: KRS 164.7885(4)
STATUTORY AUTHORITY: KRS 164.748(4), 164.7885(7)
NECESSITY, FUNCTION, AND CONFORMITY: KRS 164.748(4) requires the authority to promulgate administrative regulations pertaining to the awarding of grants, scholarships, and honorary scholarships as provided in KRS 164.740 to 164.785. KRS 164.7885(7) requires the authority to promulgate administrative regulations for the administration of the Kentucky Educational Excellence Scholarship Program. This administrative regulation establishes the disbursement procedures for Kentucky Educational Excellence scholarships.
Section 1. Disbursement of Funds. (1) KEES funds shall be disbursed by the authority to the participating institution in the form of a single check, made payable to the participating institution, or by electronic funds transfer delivered to the participating institution for subsequent delivery to the eligible postsecondary student.
(2) Within thirty (30) days following receipt of the eligibility verification file, the disbursement of KEES funds by the authority to the participating institution shall be made for subsequent delivery by the institution to an eligible postsecondary student.
Section 2. Delivery of funds by the participating institution. (1) The participating institution shall be responsible for proper delivery of KEES funds. The participating institution shall not make KEES funds available to the eligible postsecondary student nor apply the funds to the recipient's account prior to the date that the eligible postsecondary student has completed the registration requirements (except for the payment of tuition and fees) at the participating institution for the academic term for which the Kentucky Educational Excellence Scholarship is disbursed.
(2) The participating institution shall be liable for delivery to the wrong person or to an ineligible student and shall make restitution to the authority of an amount improperly delivered. Failure of the participating institution to make restitution as required shall, without precluding other remedies, be deemed cause for limitation, suspension, or termination of the participation of the institution in accordance with 11 KAR 4:020. (25 Ky.R. 470; Am. 818; eff. 10-1-98; 27 Ky.R. 1040; eff. 12-21-2000.)