Chapter 4701-17 | Scholarships

Rule 4701-17-01 | Education assistance program definitions.

• Effective: October 20, 2021
• Promulgated Under: 119.03

The following terms are used with the same meanings throughout this chapter:

(A) "Ohio college or university" means an accredited college or university located in Ohio that has been issued a certificate of authorization to grant degrees by the board of regents or is part of the "University System of Ohio."

(B) "Scholarship" is defined as a one-time award of moneys to a qualifying student who meets the requirements or a program approved by the board that, supports CPA development and recruitment as defined in Chapter 4701-17 of the Administrative Code.

(C) "Fifth year" is defined as a student who has completed a minimum of one hundred twenty semester hours and is enrolled in a program of study that will meet the educational requirements outlined in division (A)(4)(a) of section 4701.06 of the Revised Code and rule 4701-3-03 of the Administrative Code..

(D) "Accounting education program" means any post-baccalaureate or higher degree program in accounting, business or finance approved by the board and offered by an Ohio college or university and meets the educational requirements outlined in division (A)(4)(a) of section 4701.06 of the Revised Code and rule 4701-3-03 of the Administrative Code.

(E) An "Ohio resident," for the purposes of this chapter, is an individual that is a United States citizen or permanent resident who is classified, or would be classified, as an Ohio resident for tuition purposes at an Ohio college or university.

Last updated October 20, 2021 at 12:00 PM

Supplemental Information

Authorized By: 4701.03, 4701.26
Amplifies: 4701.26
Five Year Review Date: 9/1/2025
Prior Effective Dates: 9/19/1994, 12/4/2015

Rule 4701-17-02 | Scholarship eligibility criteria.

• Effective: October 20, 2021
• Promulgated Under: 119.03

(A) The criteria that must be met in order for an applicant to qualify for a scholarship are as follows:

(1) The applicant must be a minority or other student demonstrating financial need. The board will set the criteria for defining financial need and may use the federal methodology as established in the "Free Application for Federal Student Aid (FAFSA)" to assist it in determining such criteria.

(2) The applicant must be enrolled as a student in an Ohio college or university as defined in paragraph (A) of rule 4701-17-01 of the Administrative Code.

(3) The applicant must have completed one hundred twenty semester credit hours prior to the college term for which the first scholarship payment is to be received.

(4) The applicant must be a fifth year student as defined in paragraph (C) of rule 4701-17-01 of the Administrative Code or be enrolled in an accounting education program as defined in paragraph (D) of rule 4701-17-01 of the Administrative Code.

(5) The applicant must be a student who is academically in good standing as defined by the Ohio college or university.

(6) The applicant is an Ohio resident as defined in paragraph (F) of rule 4701-17-01 of the Administrative Code.

(7) Additionally, an eligible recipient may be a person enrolled in a program that supports CPA development and recruitment, or CPA career awareness programs that have been approved by the board.

(B) Courses that qualify for inclusion in a scholarship payment are those which cover the subjects of accounting, business, data analytics, finance, information technology, or other subject matter approved by the executive director.

(C) If the applicant qualifies for more than one grant payment, the applicant must submit with each subsequent payment request, the passing grades earned in the preceding term for which a payment was received.

Last updated October 20, 2021 at 12:00 PM

Supplemental Information

Authorized By: 4701.03, 4701.26
Amplifies: 4701.26
Five Year Review Date: 9/1/2025
Prior Effective Dates: 6/2/1994, 9/23/1999, 7/31/2003, 12/4/2015

Rule 4701-17-04 | Scholarship procedure; fund balance.

• Effective: October 20, 2021
• Promulgated Under: 119.03

(A) The following general procedures apply to scholarships:

(1) Scholarships are awarded to students meeting the requirements set by rule 4701-17-02 of the Administrative Code.

(2) The amount of a scholarship shall not exceed the annualized maximum in-state graduate tuition charged by a state-supported Ohio college or university.

(B) Payments are to be disbursed to the Ohio college or university on behalf of the student upon receipt of the following:

(1) An official invoice to the applicant from the Ohio college or university showing charges to be paid for the applicable term.

(2) A schedule of courses that certifies enrollment for a specific educational term.

(3) An affidavit submitted by the student, certifying the student will sit for the CPA examination within two years of the date the student meets educational requirements to sit for the CPA examination.

(C) The following procedures apply to students receiving scholarships:

(1) Scholarship awards cannot be used for coursework in excess of that required by division (A)(4)(a) of section 4701.06 of the Revised Code and rule 4701-3-03 of the Administrative Code.

(2) Scholarship awards shall not exceed the maximum amount payable as determined by the board, or the student's actual tuition less any other financial aid, whichever is less.

(3) Scholarship awards may be paid out as long as a student has not met the requirements for certification as set by division (A)(4)(a) of section 4701.06 of the Revised Code or payment has not exceeded the maximum amount payable per paragraph (C)(2) of this rule.

(4) Scholarship awards are valid for one year. If a grant recipient fails to use the scholarship money awarded during the one year period, the scholarship will expire.

(D) The board may use enforcement or collections action to recover scholarship payments awarded to recipients who fail to sit for the CPA examination as set forth in paragraph (B)(3) of this rule.

Last updated October 20, 2021 at 12:00 PM

Supplemental Information

Authorized By: 4701.03, 4701.26
Amplifies: 4701.26
Five Year Review Date: 9/1/2025
Prior Effective Dates: 3/16/1998, 9/23/1999, 12/4/2015

Rule 4701-17-06 | Publicity and necessary expenses.

• Effective: September 1, 2020
• Promulgated Under: 119.03

(A) The board may send by electronic mail an announcement regarding its education assistance fund to appropriate college or university academic accountancy personnel, including the following:

(1) The chair of the department of accountancy or equivalent position, and

(2) Faculty in the college or university department of accountancy who wish to be informed of the availability of scholarship funds.

(B) The executive director, subject to board approval, must approve any payment from the education assistance fund for necessary expenses related to the education assistance program.

Supplemental Information

Authorized By: 4701.26
Amplifies: 4701.26
Five Year Review Date: 9/1/2025
Prior Effective Dates: 8/22/2010, 12/4/2015

Rule 4701-17-08 | Education assistance surcharge.

• Effective: December 14, 2012
• Promulgated Under: 119.03

(A) The board, in accordance with the provisions of division (H)(1) of section 4701.10 of the Revised Code, shall assess an education assistance surcharge in addition to the triennial Ohio permit and Ohio registration fee imposed pursuant to divisions (A) and (B) of section 4701.10 of the Revised Code, respectively, in the amount of thirty dollars.

(B) The board may prorate the education assistance surcharge in cases where it issues Ohio permits or Ohio registrations for less than three years.

(C) The total amount of education assistance surcharges shall be designated for deposit in the certified public accountant education assistance fund, in accordance with the provisions of division (H)(2) of section 4701.10 of the Revised Code.

Supplemental Information

Authorized By: 4701.26
Amplifies: 4701.26
Five Year Review Date: 5/12/2025
Prior Effective Dates: 4/4/2003, 1/3/2007