After all campaign expenditures have been made and before filing a final campaign finance report under Subtitle 3 of this title, any remaining balance in the account of a campaign finance entity shall be returned pro rata to the contributors or paid to:

(1)    if the campaign finance entity is a political committee formed to support a candidate or act for a political party:

(i)    the State central committee of the political party:

1.    of which the candidate is a member; or

2.    for which the political committee is acting;

(ii)    the local central committee of the political party:

1.    of which the candidate is a member in a county in which the candidate resides or which the candidate seeks to represent; or

2.    for which the political committee is acting;

(iii)    the legislative party caucus committee of the political party:

1.    of which the candidate is a member; or

2.    for which the political committee is acting; or

(iv)    the board of education of a county in which the candidate resides or which the candidate seeks to represent;

(2)    a nonprofit organization that provides services or funds for the benefit of pupils or teachers;

(3)    a charitable organization registered or exempt from registration under the Maryland Charitable Solicitations Act;

(4)    the Fair Campaign Financing Fund established under § 15–103 of this article; or

(5)    a public or private institution of higher education in the State if:

(i)    that institution possesses a certificate of approval from the Maryland Higher Education Commission; and

(ii)    the payment is designated for use by the institution solely to award scholarships, grants, or loans to students attending the institution.