(1) The early graduation scholarship trust fund is created as a separate restricted fund to be administered by the Kentucky Higher Education Assistance Authority. The trust fund shall consist of funds from grants, contributions, appropriations, or other moneys made available for the purposes of the trust fund.
(2) Funds allocated by the General Assembly under provisions of KRS § 157.360(3) shall be deposited into the trust fund.

Terms Used In Kentucky Statutes 164.7892

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Year: means calendar year. See Kentucky Statutes 446.010

(3) Notwithstanding KRS § 45.229, trust fund amounts not expended at the close of a fiscal year shall not lapse but shall be carried forward to the next fiscal year.
(4) Any interest earned on moneys in the trust fund shall become a part of the trust fund and shall not lapse.
(5) Trust fund moneys shall be used for Early Graduation Scholarship Certificate awards as described in KRS § 158.142. Funds shall be distributed by the Kentucky Higher Education Assistance Authority in accordance with KRS § 158.142.
Effective: June 25, 2013
History: Created 2013 Ky. Acts ch. 104, sec. 2, effective June 25, 2013.

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