(a) To be eligible for participation in the Program, a nonprofit organization shall:
(1) Be located in the State;
(2) Have a contract or memorandum of understanding with a local school system or an institution of higher education or must establish one if one does not exist; and
(3) Demonstrate an equal match for funds requested.
(b) A nonprofit organization that receives funding through the Program shall:
(1) Submit data on outreach programs;
(2) Track student progress through the higher education system; and
(3) Submit annual reports to the Commission on or before October 1 following the fiscal year in which funds were received.