.08 Disbursement and Reallocation of Funds.

A. Each participating community college is responsible for awarding its allocation to eligible students.

B. Beginning in the 2019—2020 award year, if a college fails to use 66 percent or more of its allocated awards by March 15, the remaining unused awards shall be returned to the Office and redistributed to community colleges meeting the 66 percent requirement, on a pro-rata basis, unless the community college losing the award demonstrates, in the judgment of the Office, that it has eligible candidates to whom it will make the remaining awards.

C. The Office shall notify colleges of any reallocation of awards made after March 15.

D. If a community college does not spend the entire amount allocated to it in a fiscal year by June 15, the following year’s allocated amount will be reduced by the amount of unspent funds.