Montana Code 20-26-606. Public and private sources of funding — restrictions on use — accounting
20-26-606. Public and private sources of funding — restrictions on use — accounting. (1) The board may accept donations from public or private sources for the Montana STEM scholarship program and shall distribute those funds in accordance with this part.
Terms Used In Montana Code 20-26-606
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Board: means the board of regents of higher education created by Article X, section 9(2), of the Montana constitution. See Montana Code 20-26-603
- fund: means a separate detailed account of receipts and expenditures for a specific purpose as authorized by law or by the superintendent of public instruction under the provisions of subsection (2). See Montana Code 20-9-201
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Postsecondary institution: means :
(a)a unit of the Montana university system, as defined in 20-25-201;
(b)a Montana community college, defined and organized as provided in 20-15-101; or
(c)an accredited tribal college located in the state of Montana. See Montana Code 20-26-603
- Scholarship: means a payment toward the cost of attendance at a qualifying postsecondary institution, rounded up to the nearest dollar. See Montana Code 20-26-603
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)Scholarship awards are determined solely by the board or an entity designated by the board pursuant to board policy adopted under 20-26-614.
(3)Funds from public sources may not be used to pay for scholarships for students enrolled in Montana private colleges.
(4)Funds from private sources must be deposited into the Montana STEM scholarship program account in the state special revenue fund established in 20-26-617 to pay for scholarships for students enrolled in postsecondary institutions.
(5)Each postsecondary institution that receives scholarship payments shall prepare and submit to the board, in accordance with procedures and policies established by the board, a report of the postsecondary institution’s administration of the scholarships and a complete accounting of scholarship funds.
(6)Funds from a scholarship may not be used to pay for remedial or college-preparatory course work.
(7)Except for funds donated from private sources, the obligation for funding the Montana STEM scholarship program is an obligation of the state. This section may not be construed to require the board to provide scholarships to an eligible student without an appropriation to the board for the purposes of the Montana STEM scholarship program. Funds from private sources may not be used as an offset to general fund appropriations.