(a) Grantees shall submit final reports, upon full expenditure of Arkansas Small Business Innovation Research Matching Grant Program grant 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, including proof that at least fifty-one percent (51%) of the amount awarded for the matching grant was spent in Arkansas;
(3) Provide an updated status of the project;
(4) Summarize the technical progress of the federal Phase I or Phase II Small Business Innovation Research project;
(5) State whether or not the grantee plans to continue the proposed research with its own or other resources such as venture capital funding;
(6) Summarize economic effects of the program on:
(A) Job creation;
(B) Project commercialization;
(C) Patent applications filed or approved subsequent to grant award; and
(D) Receipt of additional private or government funds; and
(7) Certify that all grant terms and conditions were met.