R945-1-7. UTech Scholarship Funds

  (1) Distribution of Award Funds: The annual distribution of UTech Scholarship award funds to technical colleges by the Board of Trustees shall be as provided in Subsection 53B-2a-116(2).

  (2) Restricted Funds: UTech Scholarship funds shall be considered restricted funds by a technical college, shall be recorded only in restricted UTech Scholarship accounts, and shall be used only for scholarship recipients' tuition, program fees, and required textbooks during their award periods.

  (3) Unused/Carryover Funds: Each technical college is encouraged to annually utilize all UTech Scholarship funds for qualified students. Surplus funds (i.e., fund balance or net assets) shall be retained in the restricted fund and carried over from one fiscal year to the next.

  (4) Obligated Funds: The projected value of a given student's scholarship award shall be recorded as a liability from the time of the student's selection until the student's scholarship ends, and shall be regarded as utilized funds when determining unused/carryover funds. Obligated funds remaining after the student's scholarship ends shall be returned to unused/carryover funds.