The chancellor of higher education shall monitor each initiative for which an award is granted under the Ohio co-op/internship program to ensure the following:

1. (A) Fiscal accountability, so that the award is used in accordance with the agreement entered into under section 3333.75 of the Revised Code;
2. (B) Operating progress, so that the initiative is managed to achieve the goals stated in the proposal and in the agreement, and so that problems may be promptly identified and remedied;
3. (C) Desired outcomes, so that the initiative contributes to the program's goal of retaining Ohio's students after graduation.