(1) (a) By March 1 of each year, the board shall approve, modify, or disapprove any proposed formula for the awarding of grants for the next fiscal year submitted under sub. (2) or (3) or s. 36.11 (6) (c) or 38.04 (7m). (b) If the board determines during a fiscal year that any formula approved under par. (a) during the prior fiscal year needs to be modified during the fiscal year in order to expend the entire amount appropriated for grants to students under s. 39.30 or 39.435, except s. 39.435 (2) or (5), in that fiscal year, the board shall submit the modified formula to the joint committee on finance. If the cochairpersons of the committee do not notify the board that the committee has scheduled a meeting for the purpose of reviewing the modified formula within 14 working days after the date of the submittal, the modified formula may be implemented as proposed by the board. If, within 14 working days after the date of the submittal, the cochairpersons of the committee notify the board that the committee has scheduled a meeting for the purpose of reviewing the modified formula, the modified formula may be implemented only upon approval of the committee. (2) By February 10 of each year, the Wisconsin Association of Independent Colleges and Universities shall develop and submit to the board for its review under sub. (1) a proposed formula for the awarding of grants under s. 39.30 for the next fiscal year to students enrolled at private institutions of higher education. (3) By February 10 of each year, each tribally controlled college in this state is requested to develop and submit to the board for its review under sub. (1) a proposed formula for the awarding of grants under s. 39.435, except for grants awarded under s. 39.435 (2) or (5), for the next fiscal year to students enrolled at that tribally controlled college. (4) By March 1 of each year, the board shall establish a minimum and maximum amount for grants awarded for the next fiscal year under ss. 39.30 and 39.435, except for grants awarded under s. 39.435 (2) or (5). The board shall integrate the minimum and maximum grant amounts into the formula for awarding grants.
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