Hathaway scholarship accounts-transfer timing.

Plain English Breakdown

The official source does not provide specific details about how the change will affect students or institutions receiving scholarships after October 15, 2023.

Hathaway Scholarship Account Transfer Dates

This law changes when unspent money from the Hathaway scholarship fund is moved to a reserve account, starting October 15 each year.

What This Bill Does

• Changes the date for transferring leftover funds from the Hathaway scholarship expenditure account to the Hathaway student scholarship reserve account.
• Requires that starting in calendar year 2023, this transfer happens on October 15 each year instead of at the end of the fiscal year (June 30).

Who It Names or Affects

• The State Treasurer who handles the transfers.

Terms To Know

Hathaway scholarship expenditure account

An account where money for scholarships is kept until it's given out.

Hathaway student scholarship reserve account

A savings account for future use of unspent scholarship funds.

Limits and Unknowns

• The law does not specify what happens if there is no money left in the expenditure account on October 15.
• It's unclear how this change will affect students or institutions receiving scholarships after October 15, 2023.

Official Summary Text

Bill Summary - 23LSO-0360
Bill No.:

HB0209

Effective:

Immediately

LSO No.:

23LSO-0360

Enrolled Act No.:

HEA No. 0079

Chapter No.:

156

Prime Sponsor:

Select Committee on Capital Financing & Investments

Catch Title:

Hathaway scholarship accounts-transfer timing.

Subject:

Hathaway scholarship expenditure and reserve accounts - date of the transfer of funds between the two accounts.

Summary/Major Elements:

Under current law, unexpended funds remaining in the Hathaway scholarship expenditure account (the account from which Hathaway scholarships are paid) must be transferred by the State Treasurer at the end of each fiscal year (June 30) to the Hathaway student scholarship reserve account.

This act provides that, beginning with calendar year 2023, the transfer of unexpended funds from the Hathaway scholarship expenditure account to the Hathaway student scholarship reserve account must take place annually on October 15.

The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent.

While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.

Current Bill Text

23LSO-0360

ORIGINAL House

Bill No
.
HB0209

ENROLLED ACT NO. 79,

HOUSE OF REPRESENTATIVES

SIXTY-SEVENTH LEGISLATURE OF THE STATE OF WYOMING
2023 General Session

AN ACT relating to education; amending the date of transfers from the Hathaway scholarship expenditure account to the Hathaway student scholarship reserve account; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1
.

W.S. 21
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16
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1302(a) is amended to read:

21
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16
‑
1302.

Hathaway scholarship expenditure account created; reserve account created; use and appropriation of funds.

(a)

The Hathaway scholarship expenditure account is created to consist of earnings from the Hathaway student scholarship endowment fund created by W.S. 9
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4
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204(u)(vii) and such other funds appropriated by the legislature to the expenditure account.

Eighty percent (80%) of all monies deposited to the expenditure account under this section shall be available for scholarships under W.S. 21
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16
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1304 and 21
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16
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1305.

Twenty percent (20%) of all monies deposited to the expenditure account under this section shall be available for scholarships under W.S. 21
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16
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1306.

Monies within the expenditure account are continuously appropriated to the state treasurer for distribution to eligible institutions based on scholarships awarded under this article.
Except as otherwise provided in this subsection, a
ll unexpended and unencumbered monies within the expenditure account at the end of each fiscal year shall be deposited by the state treasurer to the Hathaway student scholarship reserve account.
For calendar year 2023 and each calendar year thereafter, all unexpended and unencumbered monies within the expenditure account on October 15 shall be deposited by the state treasurer to the Hathaway student scholarship reserve account on October 15.

Section 2.

This act is effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the House.

Chief Clerk

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