(a) Grantees shall submit final reports, upon full expenditure of Arkansas Business and Technology Accelerator Grant Program funds, in accordance with terms specified in the grant agreement.
(b) Reports shall:
(1) Include a one-page nonproprietary executive summary describing the impact and positive effect of the receipt of program funds;
(2) Document final expenditure of grant funds;
(3) Provide an updated status of the project;
(4) Summarize economic effects of the program on job creation, project commercialization, and patent applications filed or approved subsequent to grant award; and
(5) Certify that all grant terms and conditions were met.
(c) If a grantee fails to provide the required final report stated in this section they may be:
(1) Ineligible to receive further Arkansas Business and Technology Accelerator Grant Program awards; and
(2) Subject to repayment language in the grant agreement.