Sec. 24.05.22.04. Application — Authority Review

A. The Authority shall review each application for compliance with the Act and this chapter. If the Authority determines that an application is not responsive to the requirements under Regulation .03 of this chapter, the Authority shall notify the nonprofit institution of higher education of the deficiency, and the nonprofit institution of higher education shall have 5 business days to cure the deficiency.

B. The Authority shall provide notice to a nonprofit institution of higher education of the Authority’s approval or rejection of an application, including the research endowment plan submitted with the application, and any allocation of matching funds under the Program within 60 days after the Authority has deemed the application complete. If an application is not approved, the notice from the Authority shall include the reason(s) the application could not be approved.

C. The Authority shall encumber the matching funds allocated to a nonprofit institution at the time the Authority approves an application. Subject to Regulation .08 of this chapter, Program funds encumbered at the time of approval shall remain encumbered until the end of the fiscal year in which the application is approved.