Administrative Code

Virginia Administrative Code
5/25/2022

Part II. Use of Funds

8VAC40-132-20. Use of funds.

An institution shall establish and maintain financial records that accurately reflect all program transactions as they occur. The institution 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. Funds appropriated for undergraduate awards may not be used for graduate awards, and funds appropriated for graduate awards may not be used for undergraduate awards.

Statutory Authority

§ 23.1-636 of the Code of Virginia.Derived from Virginia Register Volume 34, Issue 5, eff. November 1, 2017.

8VAC40-132-30. Types of assistance.

A. Funds allocated to institutions within the item for student financial assistance in the annual Appropriation Act may be used for:

1. Awards to undergraduate students enrolled at least half-time;

2. Awards to graduate students enrolled full-time. No more than 50% of the institution's graduate grants shall be awarded to students not classified as a domiciliary resident of Virginia;

3. Awards to students enrolled full-time in a dual or concurrent undergraduate and graduate program;

4. Assistantships to graduate students, funds for which must be transferred to the education and general account;

5. Providing the required matching contribution to federal or private student grant aid programs, except for programs requiring work; and

6. Supporting institutional work-study programs, funds for which must be transferred to the education and general account.

B. A student may receive either a VGAP award, an undergraduate Commonwealth Award, or a graduate Commonwealth Award during any one term (i.e., a student may not receive a combination of two or more different types of awards during the same term).

C. The provisions of this chapter shall not apply to:

1. Soil scientist scholarships authorized by § 23.1-615 of the Code of Virginia;

2. Foster children grants authorized by § 23.1-601 of the Code of Virginia;

3. Need-based financial assistance programs for industry-based certification and related programs not qualifying for other sources of student financial assistance that are subject to the Financial Assistance for Industry-Based Certification and Related Programs, as the same are now constituted or hereafter amended;

4. Nongeneral funds allocated to institutions within the item for student financial assistance in the annual Appropriation Act, except for the satisfactory academic progress requirement; or

5. General funds allocated to institutions within the item for student financial assistance in the annual Appropriation Act that are used to support a work-study program, except for the financial need requirement.

Statutory Authority

§ 23.1-636 of the Code of Virginia.Derived from Virginia Register Volume 34, Issue 5, eff. November 1, 2017.

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