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Chapter 2.Governor's Scholarship Programs Definitions Applicable to Governor's Scholarship Programs Refunds   

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(a) If the award recipient receives a refund of any part of the distribution from the eligible educational institution, the award recipient shall notify the Scholarshare Investment Board's designee in writing of such amount and either provide evidence showing that the refunded amount was used for qualified higher education expenses or shall return the amount of the refund not used for qualified higher education expenses to the Scholarshare Investment Board's designee. The Scholarshare Investment Board's designee shall deposit any returned refunded amounts into the award recipient's account within the Scholarshare Trust.

(b) If the eligible educational institution refunds any part of the award recipient's distribution to the Scholarshare Investment Board's designee, the Scholarshare Investment Board's designee shall deposit any returned refunded amounts into the award recipient's account within the Scholarshare Trust.

(c) If a refund from the eligible educational institution to the award recipient or to the Scholarshare Investment Board's designee is based on a final determination pursuant to Section 31005, the Scholarshare Investment Board's designee shall deposit any returned or refunded amounts into a forfeiture account within the Scholarshare Trust.

Authority cited:

Education Code 69981(d)

Education Code 69996(d)

Education Code 69999

Reference:

Education Code 69996(d)

Ineternal Revenue Code 529

Ineternal Revenue Code 117(b)

26 CFR 1.529-2(e)(4)(ii)(d)

(Amended by Register 2003, No. 5)