An eligible regional educational data-processing center is one that meets the following requirements:
(a) It possesses equipment, personnel and funds sufficient, as determined by regulations of the State Board of Education, to convert and correlate basic source material into data-processing form by use of a basic data system.
(b) It is a regional education data-processing center as defined in Section 10501.
(c) It meets the minimum standards established by the State Board of Education.