Michigan Laws 388.1882 – Institutions receiving funds under MCL 388.1878, 388.1879, or 388.1881; providing unobligated and unexpended funds; plan to expend remaining funds; direct or indirect financial aid; prohibition
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 388.1882
- 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.
(1) Each institution receiving funds for fiscal year 2022-2023 under section 278, 279, or 281 shall provide to the department of labor and economic opportunity by April 15, 2023 the unobligated and unexpended funds as of March 31, 2023 and a plan to expend the remaining funds by the end of the fiscal year. Notwithstanding the award limitations in section 278 and 279, the amount of funding reported as not being expended will be reallocated to the institutions that intend to expend all funding received under section 278, 279, or 281.
(2) Funds received for the purpose of administering programs under sections 278, 279, and 281 must not be used for direct financial aid or indirect financial aid. However, a university may provide academic incentives to motivate participating students as approved by the department. As used in this subsection:
(a) “Direct financial aid” includes, but is not limited to, scholarships, payment of tuition, stipends, and work-studies.
(b) “Indirect financial aid” includes, but is not limited to, transportation, textbook allowances, child care support, and assistance with medical premiums or expenses.