Montana Code 20-26-617. Montana STEM scholarship program state special revenue account
20-26-617. Montana STEM scholarship program state special revenue account. (1) There is a Montana STEM scholarship program account within the state special revenue fund established in 17-2-102. The purpose of the account is to fund the Montana STEM scholarship program. The account is administered by the board through the office of the commissioner of higher education.
Terms Used In Montana Code 20-26-617
- 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
- Commissioner: means the commissioner of higher education created by Article X, section 9, subsection (2), of the Montana constitution and 2-15-1506. See Montana Code 20-1-101
- 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.
- 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
- 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)There must be paid into the account the lottery net revenue calculated pursuant to 23-7-402.
(3)If the amount in this account is greater than the amount required to fund the scholarships in the amounts required by 20-26-616, the excess funds must be carried over and used to fund scholarships in the next fiscal year.
(4)If the amount in this account is less than required to fully fund the scholarships as required by 20-26-616, the board may prorate the amount of individual scholarships so that each eligible student still receives a Montana STEM scholarship.
(5)The board may use up to 1% of the funds transferred into the account in each fiscal year for costs related to administering the Montana STEM scholarship program.
(6)This account is statutorily appropriated, as provided in 17-7-502, to the board for the Montana STEM scholarship program established in this part.