|Date Requested:January 11, 2012
Time Requested:03:22 PM
| FUND(S) |
Sources of Revenue
Legislation creates:Neither Program nor Fund
Effect this measure will have on costs and revenues of state government.
| Fiscal Note S22
SB22, if enacted, would add Salem University as an eligible institution and modify provisions regarding the higher education institutions that are eligible to continue to receive Promise Scholarship (Scholarship) Funds. An eligible institution that changed its status from a private, not-for-profit institution would not be become ineligible. The cost of the legislative change would be approximately $24,000 in the first year and increase to apprximately $81,000 by the fourth year and each year thereafter.
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||0||23,750||80,750|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||0||0||0|
3. Explanation of above estimates (including long-range effect):
It is estimated that 5 students would receive the Scholarship in the first year. From the second year through the fourth year, it is estimated that an additional five students would be awarded the Scholarship. It is anticipated that each year one student within each cohort would lose eligibility for the Scholarship. At the end of four years and each year thereafter, an estimated 17 students would receive the award.
Academic # of
Year Students Cost
1 5 23,750
2 9 42,750
3 13 61,750
4 17 80,750