COBI 2015 - Regents' Scholarship

Overview
Issues
Background
Financials

Sources Uses

FY 2016 Appropriation

In 2008, the Utah State Legislature created the Regents' Scholarship. This scholarship encourages Utah high school students to prepare for college academically and financially by taking a rigorous course of study and saving for college.

Funding History

Funding Issues

Regents' Scholarship

The Regents' Scholarship was established to create an incentive for high school students to take a rigorous curriculum in high school to better prepare them for college. The incentive is a partial scholarship paid directly to the student to offset some fo the tuition costs.

Related Publications

Trend Analysis - 2015 General Session - State Board of Regents - Student Assistance

Appropriation Overview

During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $7,192,300 from all sources for Regents' Scholarship. This is a 0.1 percent increase from Fiscal Year 2015 revised estimated amounts from all sources. The total includes $7,192,300 from the General/Education Funds, an increase of 0.1 percent from revised Fiscal Year 2015 estimates.

Appropriation Adjustments

In addition to statewide compensation and internal service fund cost increases, the following appropriation adjustments were made during the 2015 General Session:

DescriptionOngoingOne-Time Compensation - USHE & UCAT$4,800$0

OngoingOne-TimeFinancing Source

$4,800$0Education Fund

No Description

Health Insurance - USHE & UCAT$1,600$0

OngoingOne-TimeFinancing Source

$1,600$0Education Fund

No Description

Regents' Scholarship$500,000$2,500,000

OngoingOne-TimeFinancing Source

$500,000$0Education Fund

$0$2,500,000Education Fund, One-time

Statute

The following laws govern the Regents' Scholarship Program, in addition to the laws previously mentioned in Chapter 1:

UCA 53B-8-108 establishes the Regents' Scholarship and details the criteria for the award.

There are three elements to the scholarship:

A base award for the Regents' Scholarship worth up to $1,000.
An Exemplary Academic Achievement award for the Regents' Scholarship may receive up to $1,250 renewable for up to 65 credit hours or four semesters.
A supplemental award of up to $100 per year for students who have contributed to their Utah Educational Savings Plan account between the ages of 14 and 17. The maximum supplemental award is $400.

Display By:

Funding Source

Expenditure Category

Appropriation Type:

Appropriation History by

Sources of Finance	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
General Fund	1,939,500	2,537,200	3,537,200	3,537,200	3,537,200	0	3,537,200	0	3,537,200
Education Fund	684,800	636,900	639,900	644,300	648,700	0	648,700	506,400	1,155,100
Education Fund, One-time	0	0	0	1,000,000	3,000,000	0	3,000,000	(500,000)	2,500,000
Dedicated Credits Revenue	200	1,700	2,200	2,300	0	0	0	0	0
Beginning Nonlapsing	0	200	10,400	0	10,400	(10,400)	0	0	0
Closing Nonlapsing	(200)	(10,400)	0	0	(10,400)	10,400	0	0	0
Total	$2,624,300	$3,165,600	$4,189,700	$5,183,800	$7,185,900	$0	$7,185,900	$6,400	$7,192,300

Categories of Expenditure	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Personnel Services	342,300	335,100	296,000	313,400	334,300	(53,800)	280,500	6,400	286,900
In-state Travel	0	500	700	1,100	0	0	0	0	0
Current Expense	1,000	15,300	48,800	19,100	17,900	0	17,900	0	17,900
Other Charges/Pass Thru	2,281,000	2,814,700	3,844,200	0	6,833,700	53,800	6,887,500	0	6,887,500
Transfers	0	0	0	4,850,200	0	0	0	0	0
Total	$2,624,300	$3,165,600	$4,189,700	$5,183,800	$7,185,900	$0	$7,185,900	$6,400	$7,192,300

Show Table | Show Additional Information

Other Indicators	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Budgeted FTE	0	3.45	3.21	3	3.21	(0.45)	2.76	0.45	3.21
Actual FTE	3.48	3.21	3.21	2.96	0	0	0	0	0

COBI contains unaudited data as presented to the Legislature by state agencies at the time of publication. For audited financial data see the State of Utah's Comprehensive Annual Financial Reports.