Section 24. The industrial service program may, subject to appropriation or from funds made available from any other public or private source and pursuant to rules and regulations adopted pursuant to section two, provide grants-in-aid to educational institutions, not in excess of two hundred thousand dollars per grant-in-aid; provided, however, that such grants-in-aid shall be used exclusively for programs which are consistent with the provisions of this chapter; and provided, further, that the program shall make a grant-in-aid to a particular educational institution only after:

(a) receipt of an application from the educational institution which contains a proposal for a program of skills training and education, including a description of the program, the type of skills training or education to be provided, a statement of the total cost of the program and a breakdown of the costs associated with equipment, personnel, facilities and materials, a statement of the employment needs for the program and evidence in support thereof, a statement of the technical assistance and financial support for the program received or to be received from business and industry, and such other information as the board shall request; and

(b) approval of the grant-in-aid by the director, provided that the director shall find, based upon the application submitted by the educational institution and such additional investigation as the staff of the program shall make, and incorporate in a written determination, that:

(1) the program is within the scope of this chapter and may reasonably be expected to succeed and thereby increase employment within the commonwealth;

(2) the grant-in-aid will only be used to cover the costs directly associated with the program;

(3) the program involves an area of skills training and education concerning which there is a demonstrable need by business and industry within the commonwealth;

(4) the applicant has made provisions for the utilization of existing federal and state resources for student financial assistance;

(5) the grant-in-aid is essential to the success of the program as the resources of the applicant are inadequate to attract the technical assistance and financial support necessary for the program from business and industry;

(6) the applicant has obtained from business and industry a firm commitment for that information, technical assistance and financial support which, together with the requested grant-in-aid, the resources of the applicant, and support from any other source, is sufficient to ensure the probable success of the program. In addition, the commitment of financial support from business and industry shall be equal to or greater than the amount of the requested grant-in-aid except that the director may waive the requirement for such matching financial support upon finding that the program funded by the grant-in-aid will materially increase the employment opportunities for targeted individuals and that the businesses and industries participating in the program have agreed to contribute personnel, facilities, equipment, supplies, stipends or other items of financial value to the program in an amount approved by the director;

(7) binding commitments have been made to the industrial service program by the applicant for adequate reporting of information and data regarding the program to the director, particularly information concerning the recruitment and employment of trainees and students, and including a requirement for an annual or other periodic audit of the books of the applicant directly related to the program, and for such control on the part of the industrial service program as the director shall consider prudent over the management of the program, so as to protect the use of public funds, including, in the discretion of the director and without limitation, right of access to financial and other records of the applicant directly related to the programs;

(8) adequate provision has been made by the applicant for the active recruitment for participation in the program of those who are the victims of economic dislocation and those of minority and economically disadvantaged groups, particularly recipients of public assistance;

(9) binding commitments have been made to the industrial service program by the applicant for compliance with the monitoring and evaluation rules and regulations of the program.

Such findings by the industrial service program and the director thereof shall be conclusive.