To enact sections 3333.27 and 3333.271 of the Revised Code to create the Finish Fund and the Finish Reserve Fund to provide grants to students who are nearing completion of their bachelor's degrees and display financial need or hardship and to make an appropriation.

Section 1.  That sections 3333.27 and 3333.271 of the Revised Code be enacted to read as follows:

Sec. 3333.27.  (A) As used in this section:

(1) "Eligible student" means an undergraduate student who:

(a) Is enrolled in a bachelor's degree program at a state institution of higher education or a nonprofit institution issued a certificate of authorization under Chapter 1713. of the Revised Code;

(b) Is a resident of Ohio, as defined by the chancellor of the Ohio board of regents under section 3333.31 of the Revised Code;

(c) Is making satisfactory academic progress, as defined by the financial aid office, or the equivalent, at the institution in which the student is enrolled;

(d) Has attained and maintains a cumulative grade point average of at least 2.5 on a 4.0 scale, or the equivalent;

(e) Has declared an academic major or program for which the student earns credit;

(f)(i) If the student is enrolled in a bachelor's degree program, would be considered a junior or senior as determined by the credits completed by the student toward the student's declared degree program;

(ii) If the student is enrolled in an associate degree program, the student has completed fifty per cent or more of the coursework required for the student's declared academic program.

(g) Displays financial need, based on the United States department of education's method of determining financial need or based on demonstrated financial hardship, as determined by the chancellor.

(2) "State institution of higher education" has the same meaning as in section 3345.011 of the Revised Code.

(B) The chancellor shall establish and administer the finish fund to provide grants to eligible students nearing completion of their bachelor's degrees. The chancellor shall transfer any funds not awarded under this section in a fiscal year to the finish reserve fund created in section 3333.271 of the Revised Code to use for awarding grants in subsequent fiscal years.

(C) Not later than one hundred eighty days after the effective date of this section, the chancellor shall adopt a policy by which to solicit, accept, and review applications for the finish fund. The policy shall include, but not be limited to, all of the following:

(1) A method of determining the amount of each grant awarded to an eligible student. In calculating that amount, the chancellor shall consider the student's remaining instructional and general charges or tuition and room and board or off-campus living expenses, as certified or, in the case of off-campus living expenses, as determined by the institution, after the student's other funding sources are applied to the instructional and general charges or tuition and room and board or off-campus living expenses for the undergraduate program.

(2) A method for paying the grant to the eligible student through the institution in which the student is enrolled.

(3) Notwithstanding division (C)(1) of this section, the institution in which a student is enrolled may disburse any surplus amount remaining in a student's account, after applying the grant to the instructional and general charges or tuition owed by a student, to the student to be used for books, room and board, or any other costs related to attendance.

The chancellor may adopt additional program guidelines and qualifications for the finish fund, so long as those guidelines and qualifications help to identify students most at risk of leaving an institution before completing a degree program due to financial hardship and students most likely to complete a degree program with additional funding.

(D) If, for any academic year, the amounts available for support of the program are inadequate to provide grants to all eligible students, the chancellor shall give preference in the awarding of grants as follows:

(1) First, to eligible students who are considered seniors in a bachelor degree program who have applied for and, if received, used the entirety of all of the following, but are still unable to meet the cost of attending the institution in which the student is enrolled, including room and board or off-campus living expenses, as determined by the institution's financial aid office:

(a) A Pell grant or any other grant awarded by the federal government based on financial need;

(b) The Ohio college opportunity grant under section 3333.122 of the Revised Code;

(c) Any grants or scholarships awarded to the student and disbursed by the institution of higher education in which the student is enrolled;

(d) A federal subsidized loan.

(2) Second, to eligible students who are considered juniors in a bachelor degree program who have applied for and, if received, used the entirety of funding sources listed in divisions (D)(1)(a) to (d) of this section, but are still unable to meet the cost of attending the institution in which the student is enrolled, including room and board, as determined by the institution's financial aid office;

(3) Third, to eligible students who are considered seniors in a bachelor degree program who have applied for and, if received, used the entirety of the funding sources listed in divisions (D)(1)(a) to (c) of this section, but are still unable to meet the cost of attending the institution in which the student is enrolled, including room and board, as determined by the institution's financial aid office;

(4) Fourth, to eligible students who are considered juniors in a bachelor degree program who have applied for and, if received, used the entirety of the funding sources listed in divisions (D)(1)(a) to (c) of this section, but are still unable to meet the cost of attending the institution in which the student is enrolled, including room and board, as determined by the institution's financial aid office;

(5) Fifth, to eligible students who have completed fifty per cent or more of the coursework required for the student's declared academic program for an associate degree who have applied for and, if received, used the entirety of the funding sources listed in divisions (D)(1)(a) to (c) of this section, but are still unable to meet the cost of attending the institution in which the student is enrolled, including room and board, as determined by the institution's financial aid office.

In prioritizing grants under this section, the chancellor shall not reduce the dollar value of grants awarded to increase the number of eligible students who receive a grant.

(E) The chancellor shall begin accepting and reviewing applications and awarding grants under this section not later than one hundred eighty days after the effective date of this section.

(F) The chancellor shall require state institutions of higher education and nonprofit institutions issued a certificate of authorization under Chapter 1713. of the Revised Code to report all of the following at the end of each academic year:

(1) The number of students enrolled in the institution who receive grants under this section;

(2) The average dollar amount of grants, and the lowest and highest dollar amount of awards granted under this section;

(3) The number of students who receive grants under this section who complete their academic programs;

(4) The number of students who receive a grant under this section who fail to complete their academic programs, disaggregated by the reason, including, but not limited to, dropping out of school and failure;

(5) The number of students still enrolled in the institution and taking courses, but have neither completed nor failed to earn their degrees.

Sec. 3333.271.  The finish reserve fund is hereby established in the state treasury. After the end of each fiscal year, the chancellor of the Ohio board of regents shall transfer any funds remaining after awarding grants under section 3333.27 of the Revised Code into the finish reserve fund from which the chancellor may award future grants under that section.

Section 2.  All items in this section are hereby appropriated as designated out of any moneys in the state treasury to the credit of the designated fund. For all appropriations made in this act, those in the first column are for fiscal year 2014 and those in the second column are for fiscal year 2015. The appropriations made in this act are in addition to any other appropriations made for the FY 2014-FY 2015 biennium.

Appropriations

General Revenue Fund

FINISH FUND

The foregoing appropriation item 2355XX, Finish Fund, shall be used to grant financial aid awards through the Finish Fund Program, pursuant to section 3333.27 of the Revised Code.

At the end of each fiscal year, the Chancellor of the Board of Regents shall certify to the Director of Budget and Management the unencumbered, unexpended balance in appropriation item 2355XX, Finish Fund. Upon receipt of the certification, the Director of Budget and Management shall transfer cash in an amount equal to the amount certified from the General Revenue Fund to the Finish Reserve Fund (Fund XXXX). The Chancellor of the Board of Regents shall seek Controlling Board approval to authorize additional expenditures for appropriation item 2355XX, Finish Fund. Upon approval of the Controlling Board, the additional amounts are hereby appropriated.

Section 3.  Within the limits set forth in this act, the Director of Budget and Management shall establish accounts indicating the source and amount of funds for each appropriation made in this act, and shall determine the form and manner in which appropriation accounts shall be maintained. Expenditures from appropriations contained in this act shall be accounted for as though made in the main operating appropriations act of the 130th General Assembly.

The appropriations made in this act are subject to all provisions of the main operating appropriations act of the 130th General Assenmbly that are generally applicable to such appropriations.