a) In order to continue to operate an IHOPE program approved pursuant to Section 2-3.66b of the School Code and this Part, the IHOPE program shall annually submit an application for continuation, in a format specified by the State Superintendent of Education, that shall include the following:

1. 1) a description of proposed changes in any of the elements of the plan for the IHOPE program (see Section 210.70(c) of this Part);
2. 2) the results of the evaluation of the previous year's program conducted pursuant to Section 210.70(c)(14) of this Part, including the educational outcomes achieved by the students enrolled in the program;
3. 3) the activities proposed for the continuation period in light of the evaluation of the preceding year's project, including the identification of each unmet objective and the rationale for its continued inclusion or its deletion from the program;
4. 4) an expenditure report, in a format specified by the State Superintendent of Education, for the previous school year; and
5. 5) updated information regarding any subcontracts, contracts, or cooperative or intergovernmental agreements into which the IHOPE program has entered to operate the program or provide services, including any changes to the entities involved or in their roles and responsibilities.

b) An IHOPE program shall be approved for continuation provided that it:

1. 1) submits evidence that it is meeting the educational outcomes specified in the IHOPE plan, including the educational outcomes identified for the individual students served;
2. 2) continues to comply with all applicable State and federal laws;

3. 3) in the year previous to the continuation application, complied with:

   1. A) the terms and conditions of any incentive grant it received pursuant to Subpart B of this Part;
   2. B) the plan submitted for program approval pursuant to Section 210.70 of this Part; and
   3. C) any updates to that plan subsequently submitted to the State Superintendent of Education pursuant to subsection (a) of this Section; and
4. 4) maintains financial records in accordance with Generally Accepted Governmental Auditing Standards or, in the case of CPS, 23 Ill. Adm. Code 100 (Requirements for Accounting, Budgeting, Financial Reporting, and Auditing).