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- After receiving IIA Grant funds for a term, schools are required to reconcile the payment for accuracy. Award amounts may only be applied to the students for whom ISAC made payment. Award payments made in the name of one recipient cannot be applied to another recipient at the same school.
- Cancellations of prior payments will be deducted from any future payments until the end of the
academic year, when refunds must be identified and returned to ISAC no later than 60 days after the term ends. When IIA payment arrives after the end of the term, the school has 60 days following the receipt of the funds to identify and return any refunds. Remember, schools must refund the entire $250 disbursement; do not prorate awards.
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