16-113-7. Reporting and disbursement.

(a) On or before November 10, 2023, and on or before November 10 and May 10 thereafter

for every year through and including calendar year 2030, Rhode Island college shall submit a report

to the director of the office of management and budget, the state budget officer, the house fiscal

advisor, the senate fiscal advisor, the commissioner of postsecondary education, and the chair of

the council on postsecondary education, detailing the following:

(1) The number of students eligible to participate in the scholarship program;

(2) The amount of federal and institutional financial aid anticipated to be received by

recipient students;

(3) The aggregate tuition and mandatory fee costs attributable to recipient students;

(4) The resulting total cost of the scholarship program to the state; and

(5) The report shall contain such data for both the current fiscal year and the most up-to-

date forecast for the following fiscal year. Data reported shall be subdivided by student-year cohort

and shall be accompanied by a written explanation detailing the estimating methodology utilized

and any impact(s) the forecasted data may present to institutional capacity, operational costs, and

the tuition/fee revenue base of the institution.

(b) On or before July 1, 2030 2028 , Rhode Island college and the commissioner of

postsecondary education shall submit a report evaluating the program based on all cohorts to the

governor, speaker of the house, and the president of the senate. This evaluation shall include the

following:

(1) The number of students who started in each cohort;

(2) The number of students in each cohort who have attained a degree or certification in an

on-time manner;

(3) The number of students in each cohort who have not attained a degree or certification

in an on-time manner and an analysis of why that has happened;

(4) The number of students in each cohort who began the program but have been unable to

continue or complete the program and an analysis of why that has happened;

(5) The costs of the program and the costs of continuing the program;

(6) Suggestions for ways to increase the success of the program;

(7) Recommendations as to modifying, continuing, expanding, curtailing, or discontinuing

the program; and

(8) Any such other recommendations or information as Rhode Island college and the

commissioner of postsecondary education deem appropriate to include in the evaluation.

(c) The office of management and budget, in consultation with the office of the

postsecondary commissioner, shall oversee the apportionment and disbursement of all funds

appropriated for the purpose of the scholarship program.