Institutions shall make the initial award disbursement on the eligible student’s behalf. The institution’s financial aid office shall report to OSFA each October and February information as required by OSFA regarding eligible Conroy-Cryor scholarship recipients. Upon receipt and acceptance of the institution’s information, OSFA shall authorize Conroy-Cryor scholarship reimbursements to the institutions. If sufficient funds are not appropriated for that award year to pay institutions for all eligible Conroy-Cryor scholarship recipients, funds from the following years’ appropriations will be used first to satisfy unpaid scholarship balances from the prior year.