Sec. 24.05.22.08. Reallocation of Funds

A. If a nonprofit institution of higher education fails to have deposited into its research endowment the required amount of qualified donations within 90 days after the Authority approves a request for distribution of matching funds:

(1) The nonprofit institution of higher education shall return any matching funds received from the Authority with respect to the distribution request within 10 business days of the expiration of the 90-day period; and

(2) Any funds allocated to that nonprofit institution of higher education for the fiscal year that have not been distributed shall be reallocated by the Authority in accordance with the Act and this chapter.

B. Notwithstanding §A of this regulation, if the Authority has approved a distribution of matching funds under Regulation .07 of this chapter but the nonprofit institution of higher education fails to deposit into its research endowment the required amount of qualified donations prior to the end of the fiscal year, the nonprofit institution shall return the matching funds to the Authority within 10 business days of the end of the fiscal year, and the Authority shall reallocate the matching funds in the next fiscal year in accordance with the Act and this chapter.

C. If a nonprofit institution of higher education which has been allocated matching funds for a fiscal year fails to submit a request for matching funds in accordance with Regulation .06 of this chapter equal to the total of funds allocated to the nonprofit institution of higher education before the end of the fiscal year, the matching funds allocated which have not been requested shall be reallocated by the Authority in the next fiscal year in accordance with the Act and this chapter.