Alabama Administrative Code
Title 300 - ALABAMA COMMISSION ON HIGHER EDUCATION
Chapter 300-3-1 - ALABAMA ENDOWMENT TRUST FUND FOR EMINENT SCHOLARS PROGRAM
Section 300-3-1-.03 - Definition Of Terms
Current through Register Vol. 42, No. 11, August 30, 2024
(1) Authorized Universities: Any of the 14 universities authorized by said statute to which ACHE is to administer the Alabama Endowment Trust Fund for Eminent Scholars. The 14 universities are:
(2) Current Bank/Financial Statement: A current bank/financial statement is a monthly or quarterly statement issued by the bank or financial institution, which includes a summary of all the checks that have gone through the account in the previous month or quarter, a summary of debits (withdrawals) and credits (deposits) and a resulting balance.
(3) Cut-Off Date: Two calendar weeks before the beginning of the fourth quarter is the cut-off date for authorized universities to have filed their requests for grants that will be awarded in the year's round-distribution schedule.
(4) Fiscal Year: The period of time between October 1 and September 30. The fiscal year will be divided into the following quarters:
(5) Grant: A $400,000 payment administered by ACHE and distributed to authorized universities.
(6) Oualifying Documentation: Qualifying documentation includes a current bank/financial statement and a letter from the authorized university's president. The purpose of the current bank/financial statement is to prove that a balance of $600,000 exists in a designated Eminent Scholars Trust Fund account. The purpose of the letter from the authorized university's president is to verify that the sources of their contributions were solicited for the purpose of endowing an eminent scholar chair and received from private sources on behalf of the Eminent Scholars Program.
(7) Round-Distribution Schedule: Round-distribution schedule is based on the following interpretation of the statute: every university is given the opportunity to receive at least one grant before another university receives more than one.
For example: If the Alabama legislature allocates $2,400,000 to the Alabama Endowment Trust Fund for Eminent Scholars, then 6 (six) grants would be available for distribution. ($2,400,000 divided by $400,000 equals 6)
For example: If $2,400,000 were available for ACHE to distribute and the following session schedules had been formed, then the following round-distribution schedule shown in bold lettering would be formed. Session Schedule II 1989 will carry over to the new fiscal year to give all authorized universities who have not requested funds an opportunity to receive grants before those who received grants (in bold) on Round-Distribution Schedule 1989 receive a second grant.
Round-Distribution Schedule 1989
Session Schedule I 1989
Session Schedule II 1989
Session Schedule III 1989
(8) Session Schedule: A list of authorized universities who have qualified by the statute's requirements to request a challenge grant from ACHE.
For example: If a qualified request was received after the cut-off date in October 1988, then the request would be filed on a 1989 session schedule.
For example: If Auburn University applied for one grant on October 5, Troy State University applied for one grant on October 10 and The University of Alabama applied for three grants on October 30, then three session schedules would be formed as follows:
Session Schedule I 1989
Session Schedule II 1989
Session Schedule III 1989
Author: Kay Ivey
Statutory Authority: Code of Ala. 1975, §§ 16-61-1, et seq.
