Code of Colorado Regulations
1504 - Department of Higher Education
1504 - State Board for Community Colleges and Occupational Education
8 CCR 1504-2 - RULES FOR THE ADMINISTRATION OF THE COLORADO VOCATIONAL ACT
Section 8 CCR 1504-2-7.0 - PAYMENT AND AUDIT
Current through Register Vol. 47, No. 5, March 10, 2024
7.1 Amount of Funding. In any fiscal year, a district shall be eligible to receive 80% of the first $1,250, or part thereof, by which the district's eligible costs per student FTE attending each approved program exceeds 70% of the district's PPOR for that fiscal year. In addition, if the district's eligible costs per student FTE exceed 70% of its PPOR by an additional amount in excess of $1,250, the district shall be eligible for 50% of such additional amount.
7.2 Insufficient Appropriations. If the Colorado General Assembly appropriates less than the total amount required to fully fund all districts under the formula set forth in Section 7.1, the amount paid to each district shall be prorated in the same proportion that the appropriation bears to such total amount. In no event shall the total amount paid to all participating districts for that fiscal year exceed the funds appropriated for that fiscal year.
7.3 Reporting for Funding. Not later than September 1, unless an extension is granted by Board staff for good cause, districts offering approved programs shall file with the Board a final report of actual eligible costs, actual student FTE and any other information requested by the Board related to calculate costs for approved programs for a district in that fiscal year. Such information shall be provided in the format and shall follow the guidelines for submission identified by the Board. No extension will go beyond September 30.
7.4 Non-Participation. If a district has not submitted a final report by September 30, it will be deemed as a non-participant for that fiscal year of funding.
7.5 Missing Documentation. If a district has not provided additional supporting documents as may be requested for the Board by the due date as determined in the Administrators Handbook, the costs or student FTE related to the missing documents will not be allowed.
7.6 Payments. Payments made to districts will be made quarterly based on the actual costs from prior fiscal year submitted by all districts. The first and second quarter payment will be combined and will be made on or about December 31; the third quarter payment will be made on or about March 31; the fourth quarter payment will be made on or about June 30.
7.7 Adjustments of Actual Costs.
7.8 Audit.
Amounts received by the Board shall be redistributed after invoiced amounts have been received pursuant to the Administrators Handbook.
7.9 Records. All participating districts shall keep complete and auditable records of all transactions related to the calculation of eligible costs and enrollments for a period of seven years from the date of submission of actual costs and enrollments.