High school to College Eligibility Question

From the UPA College Eligibility page:

"If a player participated in an event sanctioned by a national
governing body while in high school (or before), and graduated high
school in 2002 or later, initial national governing body participation
date is taken as the earlier of: June 1st of the year after high
school graduation or the player's first post-high school national
governing body sanctioned event."



Am I interpreting this right in thinking if a Senior (graduates in
'09) in high school plays the club fall series.  Then waits a year
past graduation (sept/oct 2010) to play in the series again.  His
college eligibility doesn't start ticking until the fall series
2010?

I've heard of a rumored "grace period," is this it?

Brooks