No financial commitment shall be made by the Director of the Arkansas Economic Development Commission, or his or her designee, to an applicant until the applicant has completed the following Arkansas Economic Development Commission review and approval process:

1. (1) All applications will be date-stamped and reviewed in order of receipt by the Review Committee, assigned by the director, or his or her designee, for completeness and eligibility, including a determination that the:

   1. (A) Applicant is a nonprofit in good standing with the Secretary of State’s office, city of the first class, city of the second class, incorporated town, unincorporated community, county, or governmental entity of the State of Arkansas;
   2. (B) Application is complete, signed, and includes all attachments;
   3. (C) Scope of the project meets the definition of eligible community and economic development project or eligible nonprofit organization project;
   4. (D) Sources and uses of funds are sufficient to ensure the successful completion and initial operation of the project; and
   5. (E) Project costs are eligible for funding;
2. (2) Applicants may be subject to an interview, a site visit, or both, during the application review process;
3. (3) The Review Committee may ask applicants for additional information before recommending projects for funding;
4. (4) The Review Committee will provide a project summary of each project reviewed to the director, or his or her designee;
5. (5) The director, or his or her designee, may seek the advice of boards and commissions advising the Arkansas Economic Development Commission or other officials with expert community and economic development knowledge in making final funding decisions;

6. (6)

   1. (A) The director, or his or her designee, will specify which applicants may receive funding.
   2. (B) Unsuccessful applicants will be notified in writing by the director, or his or her designee.
   3. (C) Approved applicants will receive a grant award notification letter outlining the amount, terms, and conditions of the funding;
7. (7) Grant funds will be disbursed to successful applicants;
8. (8) All project expenditures shall be completed within twenty-four (24) months after the date of the grant award, unless such date has been extended by the Arkansas Economic Development Commission at the request of the grantee; and
9. (9) A final report including cancelled checks and receipts of all funds expended along with the state’s portion of any unspent funds shall be submitted to the Arkansas Economic Development Commission no more than sixty (60) days following the project’s completion or other date as approved by the Arkansas Economic Development Commission, whichever comes first.