6A-14.080: Dr. Philip Benjamin Matching Program for Community Colleges.
PURPOSE AND EFFECT: The purpose of this proposed new rule is to comply with Florida Statutes by establishing the requirements outlined for the Dr. Philip Benjamin Matching Program for Community Colleges.
SUMMARY: This rule establishes the certification process for private contributions.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS: No Statement of Estimated Regulatory Cost was prepared.
Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.
SPECIFIC AUTHORITY: 1011.85 FS.
LAW IMPLEMENTED: 1011.85 FS.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Maybelle Montford, Division of Community Colleges, Department of Education, 325 West Gaines Street, Tallahassee, Florida, (850)245-9372
THE FULL TEXT OF THE PROPOSED RULE IS:
6A-14.080 Dr. Philip Benjamin Matching Program for Community Colleges.
(1) Alignment with college
(2) Eligibility.
(a) Contributions which have been approved by the board of trustees must have been received by February 1. Contributions are defined as “an unconditional transfer by another entity.” Exchange transactions, in which each party receives goods or services of approximately equal value, are not contributions.
(b) For the purpose of Section 1011.85(6),
(c) Auxiliary funds are not contributions and are not eligible to be matched.
(d) The direct support organization must be in current compliance with Section 1004.70(6),
(3) Contributions. Contributions must be in cash defined as follows:
(a) Cash includes currency on hand, demand deposits with financial institutions, and other deposit accounts with similar characteristics (that is, the ability to deposit additional funds at any time and withdraw at any time without prior notice or penalty).
(b) All other types of contributions such as pledges that have not been paid, equipment, land, building, and art, must be converted to cash in order to be used for matching purposes.
(4) Unmatched Contributions. Contributions received in prior years that remain unmatched may be submitted for matching if evidence can be provided that the funds have not been match previously.
(5) Certification Process.
(a) Community college foundations requesting state appropriations under this program shall certify in an annual report to the State Board of Education the eligible cash contributions received by February 1 and previously unmatched by the state. Designations shall be included in the report identifying which funds are carry-forward and which are new contributions.
(b) Use of designations shall be included in the report certifying the following uses:
1. Scholarships, student loans, or need-based grants one hundred (100) percent match.
2. First Generation in College Scholarships one hundred (100) percent state match.
3. Other Eligible Uses. Match four (4) dollars state funds to six (6) dollars contributed funds.
(c) Certification form must include a statement of alignment with the college mission.
(d) As specified in Section 1011.85(4)(c), Florida Statutes, the audit for each foundation receiving state funds from this program must include a certification of accuracy in the amount reported for matching funds.
(6) Expenditures. Uses of proceeds under this program shall be in accordance with Section 1011.85(11),
(7) Expenditure Report. Section 1011.85(4)(b),
Specific Authority 1011.85 FS. Law Implemented 1011.85 FS. History–New________.