(1) The board may accept donations from public or private sources for the Montana STEM scholarship program and shall distribute those funds in accordance with this part.
(2) Scholarship awards are determined solely by the board or an entity designated by the board pursuant to board policy adopted under 20-26-614.
(3) Funds from public sources may not be used to pay for scholarships for students enrolled in Montana private colleges.
(4) Funds from private sources must be deposited into the Montana STEM scholarship program account in the state special revenue fund established in 20-26-617 to pay for scholarships for students enrolled in postsecondary institutions.
(5) Each postsecondary institution that receives scholarship payments shall prepare and submit to the board, in accordance with procedures and policies established by the board, a report of the postsecondary institution's administration of the scholarships and a complete accounting of scholarship funds.
(6) Funds from a scholarship may not be used to pay for remedial or college-preparatory course work.
(7) Except for funds donated from private sources, the obligation for funding the Montana STEM scholarship program is an obligation of the state. This section may not be construed to require the board to provide scholarships to an eligible student without an appropriation to the board for the purposes of the Montana STEM scholarship program. Funds from private sources may not be used as an offset to general fund appropriations.