A. Faculty members requesting stipends for the purpose of acquiring a master's or doctoral degree in nursing or a doctoral degree in a related field shall submit to the committee an application that includes all of the following:
(1) Notation of approval by the applicant's dean, director, or department head of nursing and other required institutional permission.
(2) An authorized letter of acceptance from the institution which the applicant plans to enter.
(3) The specific period of time for which the stipend is requested.
(4) Other data and qualifications as deemed pertinent by the committee.
B. The committee shall select and determine the number of approved faculty applicants from each approved school of nursing who shall be granted stipends.
C. The university, college, or school budget administrator shall submit to the board a list of faculty members from the institution who were granted stipends by the committee. Upon request, each institution shall be reimbursed on a monthly or semester basis by the Board of Regents for authorized stipends paid.