Excess student deposit funds remitted to the Coordinating Board pursuant to Texas Education Code, §54.5021(c), may only be used to make TEXAS Grants. If the year-end unobligated and unexpended balance of student deposit funds at an institution exceeds 150 percent of the total deposits to that fund during that year, the excess funds shall be forwarded to the Coordinating Board for disbursement through the TEXAS Grant Program. If an institution established an endowment fund from excess funds prior to the end of state Fiscal Year 2001, no additional excess funds may be added to the endowment corpus. All excess funds and their earnings (including the earnings of the endowment fund) must be used in calculating the year-end balance subject to the 150 percent limit.

Source Note: The provisions of this §22.237 adopted to be effective November 28, 2005, 30 TexReg 7870