Section 6405. State reimbursement to certain independent institutions of higher education which participate in the federal work study program

1.  For purposes of this section, the following terms shall  be  defined  as
  follows:
    a. "Institutional award year" shall mean the period from the first day
  of  July  until  the  thirtieth  day of June of the following year, next
  preceding the state fiscal year in which state aid is to be paid.
    b. "Eligible expenditures" shall mean the total expenditures  made  by
  an  institution  from  federal  college work study funds received by the
  institution for the employment of students by such institution.
    2. The commissioner is  hereby  authorized  to  pay  any  independent,
  non-profit  institution  of higher education incorporated by the regents
  or the legislature, which maintains one or more earned degree  programs,
  other than seminarian or theological programs, and which participates in
  the college work study program in accordance with the provisions of Part
  C  of  Title  IV  of  the  Higher Education Act of 1965 as amended, upon
  application by such institution, twenty-five percentum of  the  eligible
  expenditures  of  the  institution  for  the  purpose of reimbursing the
  institution for its expenditure of funds in  such  work  study  program.
  Such  payments  shall  commence in the state fiscal year beginning April
  first, nineteen hundred eighty-one  for  expenditures  made  during  the
  institutional  award  year  commencing  on  July first, nineteen hundred
  eighty.
    3. Payments shall  be  made  in  accordance  with  a  schedule  to  be
  determined  by the commissioner, and upon application by the institution
  in such form and at such times as are determined  by  the  commissioner.
  The  commissioner  is  authorized  to promulgate such regulations as are
  needed to accomplish the purposes of this section.
    4. Any institution receiving payment pursuant to  this  section  shall
  not  use  such  funds  for  any  purpose other than a college work study
  program, and shall indicate separately the total of all  funds  expended
  for  the  college  work  study  program  and the amount of reimbursement
  claimed by the institution, on  such  form  as  the  commissioner  shall
  designate.
    5. Any institution receiving funds under this section shall match such
  payments  dollar  for  dollar  with  additional  financial  aid to needy
  students who are  determined  to  be  in  need  according  to  standards
  approved  by  the  commissioner  and  shall  indicate  the  total of all
  financial aid provided for all students during  academic  year  nineteen
  hundred  eighty--nineteen hundred eighty-one and thereafter on such form
  as the commissioner shall designate.
    6.  Payments  to  institutions  of  higher   education   pursuant   to
  subdivision two of this section shall not exceed:
    a.  For  payments  to  be made during the state fiscal year commencing
  April first,  nineteen  hundred  eighty-one,  one-third  of  twenty-five
  percent of the eligible expenditures of an institution.
    b.  For  payments  to  be made during the state fiscal year commencing
  April first, nineteen  hundred  eighty-two,  two-thirds  of  twenty-five
  percent of the eligible expenditures of an institution.
    c.  For  payments  to  be made during the state fiscal year commencing
  April first, nineteen hundred eighty-three, and  in  each  state  fiscal
  year  thereafter,  one  hundred  percent  of  twenty-five percent of the
  eligible expenditures of an institution.