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{ISAC Rules, Part 2770.40}
At the beginning of each academic year, ISAC provides participating institutions with the Payment Claim Form. Claim forms are returned to ISAC for each term by established deadline dates. The initial claim must include a letter providing the following information:
- the amount of the claim;
- how general student approval was obtained;
- how funds were collected;
- the steps devised to ensure that student contributions were voluntary; and
- documentation that the claim includes only voluntary contributions by enrolled students.
Institutions must submit a payment claim to ISAC based on eligible match amounts by specific deadline dates. ISAC will reimburse institutions according to available funding. The payment claim deadline dates are:
- October 15 for summer terms;
- February 15 for first semester/first quarter;
- April 15 for second quarter; and
- June 15 for second semester and third quarter.
ISAC authorizes a voucher in the amount of the payment claim and submits it to the State Comptroller’s Office which issues payment to the institution. The institution delivers the award according to the plan developed and approved by its student body. If funding is insufficient to pay all claims in full, final term payments to all participating institutions will be prorated.
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