(b) The notification in subsection (a) of this section shall include:

1. (1) The division’s application form on the division’s website;
2. (2) Proof of exemption from federal income tax under 26 U.S.C. § 501(c)(3) of the Internal Revenue Code, as in effect on January 1, 2021; and

3. (3) If the SGO expects to receive eligible contributions equal to or greater than fifty thousand dollars ($50,000) during the academic school year, documentation demonstrating financial viability before the start of the academic school year including either:

   1. (A) A surety bond payable to the State of Arkansas in an amount equal to the aggregate amount of eligible contributions the scholarship-granting organization expects to receive during the academic school year (minimum of fifty thousand dollars ($50,000)); or
   2. (B) Financial information that demonstrates the financial viability of the scholarship-granting organization, including a statement by a certified public accountant confirming that the SGO is insured and has sufficient capital or credit to operate in the upcoming school year.