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Virginia Administrative Code
Title 8. Education
Agency 40. State Council of Higher Education For Virginia
Chapter 140. Virginia Vocational Incentive Scholarship Program for Shipyard Workers Regulations
11/5/2024

8VAC40-140-20. Use of funds.

A. The college shall establish and maintain financial records that accurately reflect all program transactions as they occur. The college shall establish and maintain general ledger control accounts and related subsidiary accounts that identify each program transaction and separate those transactions from all other institutional financial activity.

B. Funds may be paid to the college on behalf of shipyard workers who have been awarded scholarships pursuant to § 23.1-2912 of the Code of Virginia and this chapter. Funds also may be used by the college for the implementation and administration of the program. Funds used by the college to implement and administer the program shall not exceed in any given year 5.0% of that year's allocation for the program.

Statutory Authority

§ 23.1-2912 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 23, Issue 22, eff. July 1, 2007; amended, Virginia Register Volume 33, Issue 13, eff. February 20, 2017.

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