Chapter 7 - General Finance Provisions
for Board Policy 7.3
Part 1. Purpose
To address the principles in establishing and funding scholarships at the colleges and universities.
Part 2. Delegation to Presidents
The chancellor delegates to the presidents of the colleges or universities authority to use auxiliary funds and general fund resources for scholarship and grant awards.
The president must consult with students regarding the plan for use of auxiliary funds or general fund resources for scholarships and grants. The president must consult with campus student associations regarding the plan for use of General Fund resources for scholarship or other grant awards. The plan must include criteria to be used in selecting recipients and require that all such scholarships and awards must be processed through the financial aid office and recorded in the financial aid system.
The college or university must establish and maintain written procedures governing the establishment of scholarships and grants using auxiliary and general fund resources, including the criteria to be used in awarding such scholarships or grants.
Part 3. Compliance
An academic excellence scholarship program is provided for by Minn. Stat. § 135A.30 Minnesota Academic Excellence Scholarship and includes information on the eligibility requirements, selection of recipients, amount of scholarship, renewals, number of awards, distribution among campuses, and additional contributions.
Colleges and universities are responsible for ensuring that all scholarships are appropriately recorded in the accounting system. Scholarships must comply with National Collegiate Athletic Association regulations for athletes.
- Policy 7.3 Financial Administration
- Procedure 7.3.1 Accounting and Payroll
- Procedure 7.3.16 Finance Exception Reporting
- Board Policy 7.1 Finance and Administrative Authority of the Board, Chancellor and Presidents
To view the following related statute, go to the Revisor's website (http://www.revisor.leg.state.mn.us/). You can conduct a search from this site by typing in the statute number.
- Minn. Stat. § 135A.30, Minnesota Academic Excellence Scholarship
Date of Adoption: 01/18/02
Date of Implementation: 01/18/02
Date of Last Review: 05/17/16
Date and Subject of Amendments:
05/17/16 - Amended Part 1 to state the Purpose of the procedure and not the Authority. Other formatting changes.
No additional HISTORY