Sec. 56.039. FULL USE OF FUNDS. At the end of a fiscal year, if the total amount of unencumbered funds that have been set aside under this subchapter by an institution of higher education, together with the total amount of unencumbered funds transferred by that institution to the Coordinating Board, Texas College and University System, exceeds 150 percent of the amount of funds set aside by that institution in that fiscal year, the institution shall transfer the excess amount to the coordinating board. The coordinating board shall use funds transferred under this section to award grants under Subchapter M.
Added by Acts 1985, 69th Leg., ch. 708, Sec. 13, eff. Aug. 26, 1985. Amended by Acts 1999, 76th Leg., ch. 1590, Sec. 3, eff. June 19, 1999.
Structure Texas Statutes
Subtitle A - Higher Education in General
Chapter 56 - Student Financial Assistance
Subchapter C. Texas Public Educational Grants
Section 56.033. Source of Program Funding
Section 56.034. Guidelines for Determining Eligibility and Awarding Grants
Section 56.035. Type of Grants to Be Awarded
Section 56.036. Transfer of Grant Funds for Use as Matching Funds
Section 56.037. Priorities in Awarding Matching Funds
Section 56.038. Restrictions and Return of Transferred Funds