(A) As used in this section:

(1) “Approved costs” means any costs necessary to meet the additional requirements adopted by the state board of education under division (B) of section 3319.238 of the Revised Code for educator license validation in financial literacy.

(2) “Eligible entity” includes the following:

(a) A city, exempted village, local, or joint vocational school district;

(b) A community school established under Chapter 3314 of the Revised Code;

(c) A science, technology, engineering, and mathematics school established under Chapter 3326 of the Revised Code;

(d) A chartered nonpublic school;

(e) An educational service center.

(B)(1) The department shall reimburse eligible entities for approved costs incurred under division (D) or (F) of section 3319.238 of the Revised Code.

(2) Except as provided in division (E)(2) of this section, the total amount reimbursed to an eligible entity for paying the costs of an individual teacher under division (D) or (F) of section 3319.238 of the Revised Code shall be the lesser of five hundred dollars or the total approved costs incurred by the qualifying teacher.

(C) Reimbursements paid under this section shall be taken from moneys in the high school financial literacy fund established under section 121.086 of the Revised Code. At least two times each fiscal year, the department shall request the treasurer of state to transfer moneys from the fund to the department to reimburse eligible entities in accordance with this section.

(D) Each eligible entity seeking reimbursement under this section shall report to the department, in the form and manner determined by the department, the number of teachers employed by the entity who, during the reporting period, met the additional requirements adopted by the state board under division (B) of section 3319.238 of the Revised Code for educator license validation in financial literacy.

(E)(1) The department may use a portion of the moneys transferred from the high school financial literacy fund for administration of the reimbursement program prescribed by this section.

(2) In the event the moneys available in the fund are insufficient to cover all requests for reimbursement under division (B)(1) of this section, the department may limit the number of teachers for which an eligible entity may request reimbursement or may prorate reimbursement amounts as necessary to pay all reimbursement requests.