(a) The board develops a formula for allocating funds to participating institutions in a way that fulfills the purpose of the program.     
      (b) Unless otherwise indicated, institutions shall have until a date specified by the board through a policy memo addressed to the program officer at the institution to encumber all funds allocated to them. If unencumbered by that specific date, the unencumbered funds will be allocated by the executive director to other institutions based upon need and a history of utilization.     
     Source Note:        The provisions of this §520.6 adopted to be effective December 9, 2009, 34 TexReg 8728; amended to be effective April 10, 2013, 38 TexReg 2224; amended to be effective February 8, 2017, 42 TexReg 429; amended to be effective April 18, 2018, 43 TexReg 2275; amended to be effective August 4, 2021, 46 TexReg 4685