An SGO shall:

1. (1) Retain records of all donor contributions for the Philanthropic Investment in Arkansas Kids Program for six (6) years;
2. (2) Communicate to potential donors when the annual cap has been met;
3. (3) Provide donors a copy of the application that is submitted to the Tax Credits and Special Refunds Section of the Department of Finance and Administration;
4. (4) Submit applications to the Tax Credits and Special Refunds Section only for eligible contributions that have been actually received;
5. (5) Ensure that first-time recipients of educational scholarships are qualified students as defined in Arkansas Code § 6-18-2302(3) and were not continuously enrolled in a private school within the state during the previous school year through the Division of Elementary and Secondary Education or from documentation from the public school provided by the eligible student’s parent;

6. (6) Ensure that participating private schools:

   1. (A) Annually report student assessment scores and other academic progress of qualified students as defined in Arkansas Code § 6-18-2302(3) to the independent research organization selected by the division, including without limitation the:

      1. (i) Number of scholarship-receiving students under the Philanthropic Investment in Arkansas Kids Program Act, Arkansas Code §§ 6-18-2301 – 6-18-2308, who were dismissed by a private school that is receiving funds through the Philanthropic Investment in Arkansas Kids Program Act;
      2. (ii) Number of scholarship-receiving students under the Philanthropic Investment in Arkansas Kids Program Act who attended a private school with an educational scholarship through the Philanthropic Investment in Arkansas Kids Program Act and voluntarily returned to a traditional public school, if known;
      3. (iii) Name and accreditation status of private schools that received funds through the Philanthropic Investment in Arkansas Kids Program Act;

      4. (iv) Number of students in the program who have:

         1. (a) (a) Taken a nationally recognized norm-referenced test, including an alternate assessment; and
         2. (b) (b) Received the test results;
      5. (v) Number of students in the program who have been exempted from standardized testing requirements under Arkansas Code § 6-18-2306(9)(C)(ii) and had a portfolio developed; and
      6. (vi) Number of students in the program in grades three (3) through ten (10) who are not scoring at grade level as indicated by grade-level equivalency, the percentage of students in the program scoring in each quartile, the lexile score of each student, or other equivalent data for the assessment administered as determined by the division; and

   2. (B) Submit a report to the division annually by June 1 containing the following information based on the previous academic school year:

      1. (i) The name and address of the scholarship-granting organization;
      2. (ii) The total number and total dollar amount of eligible contributions the scholarship-granting organization received during the previous calendar year, as verified by a certified public accountant;
      3. (iii) The total number and total dollar amount of educational scholarships awarded to qualified students through the program during the previous calendar year, as verified by a certified public accountant; and
      4. (iv) The total number of qualified students, according to the qualified students’ respective resident public school districts, who received an educational scholarship from the scholarship-granting organization under Arkansas Code § 6-18-2301 et seq., during the previous budget year, as verified by a certified public accountant;

7. (7)

   1. (A) If the division bars an SGO from qualifying as a recipient of donor funds, the SGO shall notify the affected qualified students who have received educational scholarships under the Philanthropic Investment in Arkansas Kids Act and the affected qualified students’ parents or guardians as soon as reasonably practicable upon notice of the disqualification.
   2. (B) The SGO shall provide proof of the notification in subdivision (7)(A) of this section to the division at the same time that the subdivision (7)(A) notification is provided; and
8. (8) Provide the division or the Department of Finance and Administration with all information or records requested as part of any audit or financial review being conducted to ensure compliance with the Philanthropic Investment in Arkansas Kids Act, this part, other Arkansas law, or upon a reasonable belief that an SGO has violated the requirements of the Philanthropic Investment in Arkansas Kids Act or this part.