Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 616 - DOCTORS FOR MAINE'S FUTURE SCHOLARSHIP PROGRAM
Section 457-616-6 - Allocation and Payment Procedures

A. The Authority shall strive to ensure that the total number of scholarships available from the Fund over the projected life of the Scholarship Program be allocated equitably among Medical School Programs which have raised sufficient matching funds in order to allow the Authority to do so. As a result, the Authority may award different numbers of scholarships from the Fund to different Medical School Programs in a given year.

B. In determining the number of scholarships available to be allocated in any given year from the Fund, the Authority shall take into account the number of Medical School Programs, the current and projected demand for new and renewal scholarships, the scholarship amount, funds available and projected to become available in the Fund, matching funds raised by each Medical School Program, and such other factors as the Authority, in its discretion, deems advisable or necessary in order to fairly and effectively administer the Scholarship Program. The Authority shall advise each Medical School Program of the number of scholarships to be allocated to it for the upcoming academic year no later than February 28, annually.

C. No Medical School Program may be allocated more than the number of scholarships from the Fund for which it has raised matching funds as of January 1 immediately preceding the award year, except that in the year a Medical School Program first enters into a Participation Agreement with the Authority, no Medical School Program may be allocated more than the number of scholarships from the Fund for which it has raised matching funds as of the date of the Participation Agreement. Regardless of the amount of matching funds a Medical School Program has raised, the maximum number of scholarships it may receive in a given year from the Fund is within the discretion of the Authority, taking into account the factors in subsection B, above.

D. By such time annually as is determined by the Authority, each Medical School Program eligible for scholarship funds from the Fund for the upcoming academic year shall provide a certification on such form as is required by the Authority from its chief financial officer stating the amount of matching funds which the Medical School Program had available as of January 1 and that the required matching funds continue to be available for scholarships. Each Medical School Program must subsequently provide to the Authority a certification from its independent auditor regarding the amount of matching funds that were available on January 1 of the year and the number and amount of scholarships that were awarded to eligible students with matching funds and from funds provided to the Medical School Program from the Fund in the academic year following January 1.

E. The Authority will make Scholarship Program funds from the Fund available to Medical School Programs for award to eligible students on a semi-annual basis, with one disbursement in the fall semester and one disbursement in the spring semester.