|(a) Allocations. Funds available for awards will be allocated among participating eligible institutions on an annual basis. (b) Reallocations. Participating eligible institutions will have until a date specified by Board staff via a policy memo addressed to the Program Officer at the eligible institution to encumber the program funds that have been allocated to them. On that date, participating eligible institutions lose claim to any funds not yet drawn down from the Board for immediate disbursement to students, and the funds released in this manner are available to the Board for reallocation to other participating eligible institutions. If necessary for ensuring the full use of funds, subsequent reallocations may be scheduled until all funds are awarded and disbursed. (c) Disbursement of Funds to Participating Eligible Institutions. As requested by participating institutions throughout the academic year, Board staff shall forward to each participating eligible institution a portion of its allocation of funds for immediate release to students or immediate application to student accounts at the institution. (d) Disbursement of Funds to Students. Participating eligible institutions must disburse TCOG Program funds to eligible students or apply the funds to eligible students' outstanding balances at the institution for the current academic year within five working days of the funds' arrival at the eligible institution's fiduciary institution.