§3047.4. Funding

            A. The administering agency may seek, accept, and expend funds from any source, including private business, industry, foundations, and other groups, as well as any available federal or other governmental funding.

            B. If the available funding is not sufficient to fully fund all eligible award recipients, awards shall be provided first to previous award recipients who have met all requirements for maintaining the award and who are continuing in a qualified program for which they previously received the award and then next to all eligible students enrolled in a program as funds are available.

            C.(1) Implementation of the provisions of this Chapter shall be subject to the appropriation of funds by the legislature.

            (2) State appropriations for the program shall not exceed ten million five hundred thousand dollars per year for students enrolled in public postsecondary education institutions or proprietary schools.

            D.(1) The "M.J. Foster Promise Program Fund", referred to in this Chapter as the "fund", is hereby created within the state treasury for the purpose of providing for the financial assistance awards and administration of the M.J. Foster Promise Program.

            (2) The sources of monies deposited into the fund shall be legislative appropriations, federal grants, gifts, and donations received by the state for purposes of this Chapter. Monies in the fund shall be subject to appropriation by the legislature and shall be available exclusively for use by the Board of Regents, through the office of student financial assistance, for the M.J. Foster Promise Program.

            (3) The administering agency shall adopt regulations and guidelines for the distribution and allocation of monies appropriated to the administering agency which shall be initially subject to approval by the Joint Legislative Committee on the Budget.

            (4) All unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain in the fund and be available for appropriation the next fiscal year. The monies shall be invested by the treasurer in the same manner as monies in the state general fund, and all interest earned shall be credited to the fund following compliance with the requirements of Article VII, Section 9(B) of the Constitution of Louisiana, relative to the Bond Security and Redemption Fund.

            E. The costs for administering and promoting the program shall be paid from the funds appropriated for the program pursuant to this Section. Administrative and promotional costs shall not exceed five percent of the monies appropriated to the administering agency for the M.J. Foster Promise Program.

            Acts 2021, No. 457, §1, eff. June 23, 2021; Acts 2023, No. 101, §1, eff. June 6, 2023; Acts 2023, No. 287, §1, eff. June 12, 2023.