AN ACT TO MAKE NECESSARY IMPROVEMENTS TO ENSURE STATE FUNDS FOR POSTSECONDARY EDUCATIONAL FINANCIAL AID PROGRAMS ARE FULLY EXPENDED AND TO GAUGE THE EFFECTIVENESS OF THOSE PROGRAMS.
House committee substitute to the 1st edition makes the following changes.
Deletes Section 3 of the act, appropriating $700,000 in recurring funds from the General Fund to the UNC Board of Governors to be allocated to the State Education Assistance Authority (Authority) for administrative costs in the administration of the UNC Need-Based Financial Aid Program (Program).
Instead amends GS 116-25.1 by adding new subsection (c) permitting the Authority to use up to 1.5% of the funds appropriated for the Program each fiscal year for administrative costs. Makes further clarifying changes to GS 116-25.1 by adding titles to existing subsections (a) and (b) and making clear that the waiver referenced in subsection (b) is to the limitation set forth in subsection (a). Effective July 1, 2020.
Amends Section 4 of the act to require the Office of State Budget and Management to report its recommendations and associated timeline for any proposed legislative changes regarding transparency of Program administrative costs to the specified NCGA committees by October 1, 2020 (was June 30, 2020).
Makes changes to the act's long title.
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