(1) Develop, implement, and administer the program as provided under this subchapter;
(2) Allocate any and all incentive funding that is appropriated for the program to each institution that qualifies in each category under this subchapter;
(3) Promulgate rules for the administration of this subchapter; and
(4) Report on the status of the program, including recommendations for any changes to the program, to the Legislative Council, the House Committee on Education, and the Senate Committee on Education no later than December 1 of each even-numbered year, beginning on December 1, 2008.
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