Each Senator shall have an annual budget to fund renewals and new awards. A Senator shall award all funds by September 1 of each year. A Senator may re-award scholarships awarded by September 1 that are later canceled. Any scholarship funds remaining from cancellations at the end of a fiscal year shall be carried forward into the next fiscal year for the Senator to award. Any scholarship funds not awarded by September 1, except funds remaining from cancellations, shall be awarded by the Office of Student Financial Assistance (OSFA) to students in the Senator's legislative district OSFA shall periodically notify each Senator of their scholarship funds balance.