Cal. Code Regs. Tit. 5, § 31004 - Distribution of Award
(a) To
request distribution of funds, an award recipient shall submit a written
request that provides the following information:
(1) the award recipient's name as it appears
on the annual account statement;
(2) the award recipient's account
number;
(3) the award recipient's
Social Security number or taxpayer identification number;
(4) the award recipient's mailing
address;
(5) the name and address
of the eligible educational institution;
(6) the academic year for which the
distribution is intended;
(7) the
amount of qualified higher education expenses to be paid out by the
distribution;
(b) The
Scholarshare Investment Board or its designee may require additional
documentation prior to the distribution of funds.
(c) A separate written request must be
submitted for each distribution.
(d) Distributions shall be made only to
eligible educational institutions.
(e) Award recipients shall provide a
certification that the distribution shall be used for qualified higher
education expenses, that no other request has been submitted previously for
payment of the referenced qualified higher education expenses and that any
portion of the distribution that is refunded to the award recipient and not
used for qualified higher education expenses shall be returned to the
Scholarshare Investment Board's designee in the tax year in which the refund
was received by the award recipient.
(f) Written requests for distributions shall
be processed by the Scholarshare Investment Board's designee within thirty (30)
days of receipt of the request or within thirty (30) days of receipt of
additional documentation requested by the Scholarshare Investment Board or its
designee.
Notes
2. Certificate of Compliance as to 12-1-2000 order, including amendment of section, transmitted to OAL 11-30-2001 and filed 12-21-2001 (Register 2001, No. 51).
3. Amendment of subsection (e) filed 12-27-2001 as an emergency; operative 1-1-2002 (Register 2001, No. 52). Pursuant to Education Code section 69999, a Certificate of Compliance must be transmitted to OAL by 1-1-2003 or emergency language will be repealed by operation of law on the following day.
4. Editorial correction of HISTORY 3 (Register 2002, No. 21).
5. Editorial correction of subsection (e) (Register 2003, No. 5).
6. Certificate of Compliance as to 12-27-2001 order transmitted to OAL 12-18-2002 and filed 1-29-2003 (Register 2003, No. 5).
Note: Authority cited: Sections 69981(d), 69996(d) and 69999, Education Code. Reference: Section 69996(a), Education Code; and Sections 529 and 117(b), Internal Revenue Code.
2. Certificate of Compliance as to 12-1-2000 order, including amendment of section, transmitted to OAL 11-30-2001 and filed 12-21-2001 (Register 2001, No. 51).
3. Amendment of subsection (e) filed 12-27-2001 as an emergency; operative 1-1-2002 (Register 2001, No. 52). Pursuant to Education Code section 69999, a Certificate of Compliance must be transmitted to OAL by 1-1-2003 or emergency language will be repealed by operation of law on the following day.
4. Editorial correction of History 3 (Register 2002, No. 21).
5. Editorial correction of subsection (e) (Register 2003, No. 5).
6. Certificate of Compliance as to 12-27-2001 order transmitted to OAL 12-18-2002 and filed 1-29-2003 (Register 2003, No. 5).
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