After all campaign expenditures have been made and before filing a final campaign finance report under Subtitle 3 of this title, any remaining balance in the account of a campaign finance entity shall be returned pro rata to the contributors or paid to:

(1) if the campaign finance entity is a political committee formed to support a candidate or act for a political party:

(i) the State central committee of the political party:

1. of which the candidate is a member; or

2. for which the political committee is acting;

(ii) the local central committee of the political party:

1. of which the candidate is a member in a county in which the candidate resides or which the candidate seeks to represent; or

2. for which the political committee is acting;

(iii) the legislative party caucus committee of the political party:

1. of which the candidate is a member; or

2. for which the political committee is acting; or

(iv) the board of education of a county in which the candidate resides or which the candidate seeks to represent;

(2) a nonprofit organization that provides services or funds for the benefit of pupils or teachers;

(3) a charitable organization registered or exempt from registration under the Maryland Charitable Solicitations Act;

(4) the Fair Campaign Financing Fund established under § 15-103 of this article; or

(5) a public or private institution of higher education in the State if:

(i) that institution possesses a certificate of approval from the Maryland Higher Education Commission; and

(ii) the payment is designated for use by the institution solely to award scholarships, grants, or loans to students attending the institution.