UNCP Bookstore Policy BK 03 98

Purpose: This policy provides guidelines for the annual distribution of auxiliary funds to the university scholarship fund.

Scope: Applies to University Bookstore.

Policy:  If the fund balance exceeds the required six (6) months operating expenses per policy #FPB1103, excess funds up to the base amount of $30,000 will be allocated to the Chancellor to provide student scholarships.  This base amount will increase by the CPI index each year.  Funding provided to the Chancellor shall be used exclusively for awarding scholarships to defray the expenses of students attending the institution.

Procedures: Funds shall be allocated to Chancellor annually after the annual audit is complete and the funds are certified by the Vice Chancellor for Business Affairs.