(a) For fiscal year 2001 and each fiscal year thereafter, to be considered for funding under this subtitle, an educational institution must qualify as a State-aided educational institution under this subtitle.
(b) To qualify as a State-aided educational institution, an educational institution shall submit to the Department the following documentation:
(1) The names of the members of an independent governing board for the institution;
(2) Proof of status as a nonprofit organization;
(3) A copy of the most recent independent annual audit or copies of the most recent internally generated financial statements until the annual audit is available;
(4) A detailed operating budget that:
(i) For an educational institution other than the Baltimore Zoo, indicates that less than 50% of the operating budget comes from State grants;
(ii) Specifies all sources of income, including grants received, names of granting agencies, and the amount of each grant; and
(iii) Specifies all expenditures;
(5) Plans for the use of any grant funds that may be awarded by the State-aided educational institutions grants programs;
(6) Evidence of the provision of a direct service to Maryland school groups or to individuals with disabilities, including:
(i) Data on age levels of students to be served;
(ii) Data on the projected number of students and teachers to be served both statewide and by local jurisdiction; and
(iii) Plans of the institution to support the goals of the Maryland Schools for Success Program and the Maryland School Performance Program; and
(7) Evidence of liability insurance coverage.