§ 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.