(a) Each council and public radio station shall be paid according to the following procedure:

1. (1) Reports required.

   1. (i) Each council shall submit the following reports:

      1. (a) an annual budget prior to the start of each fiscal year;
      2. (b) an educational services budget prior to the start of each fiscal year;
      3. (c) a certified audit within six months of the close of the fiscal year;
      4. (d) an annual activities report within two months of the close of the fiscal year;
      5. (e) a quarterly financial report within 30 days of the end of the quarter;
      6. (f) an annual financial report in a form prescribed by the commissioner within six months of the close of the fiscal year; and
      7. (g) a quarterly education report within one month of the close of the quarter.

   2. (ii) Each radio station shall submit the following reports:

      1. (a) an annual budget prior to the start of each fiscal year;
      2. (b) a certified audit within six months of the close of the fiscal year;
      3. (c) an annual activities report within two months of the close of the fiscal year;
      4. (d) a quarterly financial report within 30 days of the end of the quarter; and
      5. (e) an annual financial report in a form prescribed by the commissioner within six months of the close of the fiscal year.
   3. (iii) The commissioner may require additional and more frequent reports.

2. (2) Payment schedule. State payments in any fiscal year to any council or public radio station pursuant to the provisions of this Part shall be made according to the following schedule:

   On or before:

   July 15 — 60 percent of the grant amount

   October 15 — 30 percent of the grant amount

   June 1 — 10 percent of the grant amount