Sec. 11. A school corporation or charter school that receives a grant for a state fiscal year under this chapter shall do the following:
(1) Distribute all stipends from the grant to individual teachers not later than sixty (60) business days after the date the department distributes the grant to the school corporation or charter school.
(2) Not later than June 30 of the applicable state fiscal year, return any part of the grant not distributed as stipends to teachers.