Section 100. Distribution of public money

A. General requirements.

1. Matching money policy. Any public money available to the department for use in the VHBIP shall be distributed only to qualifying persons receiving funds from their private sector SEO program. Any public matching money shall be distributed to qualifying persons on not more than a one-to-one, or dollar for dollar basis with money received from the private sector programs.

2. Maximum individual receipt. During any calendar year, no one person shall receive more than 10% of the total public money available, regardless of membership in more than one SEO or any other factor.

3. Maximum ratio for matching. So long as the total private contribution does not exceed the total public money available during any one fiscal year, persons qualifying shall receive the public matching money on a one-to-one basis with money received from the appropriate SEO.

B. Determination of individual receipt. During any year in which total private funds paid out to eligible recipients by the SEOs exceeds the total of public matching money available, a percentage method shall be used to determine the amount of public matching money to be distributed to qualified individuals in each participating SEO.

The VHBIP percentage method formula to determine the amount of public matching money to be distributed to qualified individuals according to SEO affiliations will be as follows:

1. Determination of total available funds for members of individual SEOs.

a. The amount of private money paid out to its program participants by each SEO shall be determined from the SEO's records submitted to the department.

b. The amount of each SEO's private total shall be shown as a percentage of the total private money distributed by all SEOs.

c. This percentage will be multiplied by the total public matching money available to qualified members of that SEO's program.

2. Determination of actual individual receipt. Determination of the actual amount of public matching money to be distributed to any individual shall be accomplished according to the following method:

a. The total amount of private money paid out to its program participants by each SEO shall be determined from the SEO's records submitted to the department.

b. The amount received by each individual participant from the appropriate SEO shall be determined from the SEO's records submitted to the department and shown as a percentage of the total SEO private money paid out.

c. This percentage will be multiplied by the total public matching money available to qualified members of the appropriate SEO program, determining the actual amount of public matching money to be paid to the individual.

3. Matching of added money. To avoid dilution of the public matching money available during any year in which total private SEO payout exceeds the total public matching money available, any private money added above the nomination fees for use in any individual SEO total payout may not exceed a percentage (to be determined yearly by the department) of the total added money for that year.

Historical Notes

Derived from VR115-01-03 § 10, eff. February 17, 1988.

Statutory Authority

§ 3.2-106 of the Code of Virginia.