(1) As used in this section, “eligible organization” means an organization that agrees to provide for the care and improvement of a perpetual care cemetery that is insolvent or in financial distress as determined by the State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services.
(2) “Eligible organization” includes a nonprofit organization which is exempt from taxation under § 501(c)(3) of the Internal Revenue Code.
(3) An eligible organization may be eligible to receive a grant under this subchapter for the care and improvement of a perpetual care cemetery if the perpetual care cemetery: Has been in court-ordered receivership or conservatorship for at least five (5) years;
(4) Has historic significance to the local community or the State of Arkansas; and
(5) Is insolvent or in financial distress.