                                 CODE OF VIRGINIA

ELIGIBILITY FOR GRANT PAYMENTS (§ 23.1-1242)

A. A qualified institution with a memorandum of understanding approved and
signed in accordance with the provisions of &#xA7; 23.1-1241 shall be eligible
to apply for a grant each fiscal year beginning with the Commonwealth&#8217;s
fiscal year beginning July 1, 2019, through the Commonwealth&#8217;s fiscal year
starting on July 1, 2038. Grants available under this chapter shall be paid to
the qualified institution from the Fund, subject to appropriation by the General
Assembly, during each such fiscal year, contingent upon the qualified
institution&#8217;s meeting the requirements set forth in its memorandum of
understanding. If the total amount of moneys appropriated to the Fund in a
fiscal year is less than anticipated, grants to all qualified institutions under
this chapter may be prorated to reflect the actual amount appropriated.

B. To apply for a grant each year, a qualified institution shall report to the
Secretary of Finance regarding the qualified institution&#8217;s progress on
increasing the number of eligible degrees and meeting the requirements pursuant
to its memorandum of understanding. Such report shall include, at a minimum: (i)
progress on increasing the number of eligible degrees, as set forth in the
memorandum of understanding, including actual enrollment in qualified degree
programs; (ii) the aggregate number of new eligible degrees created and
maintained as of the last day of the calendar year that immediately precedes the
date of the application, including information related to the retention of
students who enrolled in the calendar year immediately preceding the
application; and (iii) the average annual cost incurred in the production of the
new eligible degrees described in clause (ii). For applications filed four years
or more after the date of a qualified institution&#8217;s original memorandum of
understanding, the qualified institution shall also include actual graduation
rates from qualified degree programs. The report shall be filed with the
Secretary no later than May 1 of the year following the calendar year upon which
the report is based, as an application for a grant in the fiscal year beginning
on the immediately following July 1. Failure to meet the reporting deadline
shall result in a deferral of a payment in the upcoming fiscal year.

C. A report received pursuant to subsection B shall be reviewed by the
designated reviewers. Within 60 days of receipt of the report, the Secretary of
Finance, in consultation with the other designated reviewers, shall certify to
the Comptroller and the qualified institution the amount of the grant payment to
be paid to the qualified institution, subject to appropriation. Payment of such
grant shall be made by check issued by the State Treasurer on warrant of the
Comptroller in the fiscal year immediately following the submission of such
application, as provided in the memorandum of understanding. The Comptroller
shall not draw any warrants to issue checks for the grant installments under
this section without a specific appropriation for the same.

D. As a condition of receipt of grant payments, a qualified institution shall
make available for inspection to the designated reviewers all documents relevant
and applicable to determining whether the qualified institution has met the
requirements for the receipt of a grant as set forth in this chapter and subject
to the memorandum of understanding.

E. Failure of a qualified institution to meet the goals, metrics, and
requirements set forth in its memorandum of understanding shall result in the
adjustment of any future awards to the qualified institution to reflect such
discrepancy.

HISTORY: 2019, cc. 638, 639.