Section 5-501 - Qualifications for State-aided educational institution(a) For fiscal year 2001 and each fiscal year thereafter, to be considered for funding under this subtitle, an educational institution must qualify as a State-aided educational institution under this subtitle.(b) To qualify as a State-aided educational institution, an educational institution shall submit to the Department the following documentation: (1) The names of the members of an independent governing board for the institution;(2) Proof of status as a nonprofit organization;(3) A copy of the most recent independent annual audit or copies of the most recent internally generated financial statements until the annual audit is available;(4) A detailed operating budget that: (i) For an educational institution other than the Baltimore Zoo, indicates that less than 50% of the operating budget comes from State grants;(ii) Specifies all sources of income, including grants received, names of granting agencies, and the amount of each grant; and(iii) Specifies all expenditures;(5) Plans for the use of any grant funds that may be awarded by the State-aided educational institutions grants programs;(6) Evidence of the provision of a direct service to Maryland school groups or to individuals with disabilities, including: (i) Data on age levels of students to be served;(ii) Data on the projected number of students and teachers to be served both statewide and by local jurisdiction; and(iii) Plans of the institution to support the goals of the Maryland Schools for Success Program and the Maryland School Performance Program; and(7) Evidence of liability insurance coverage.