In order for any institution of higher education within the State of Arkansas to participate in the cooperative education program, that institution must meet the following criteria, as determined by the Arkansas Cooperative Education Advisory Committee:
(1) The institution has appointed a director or coordinator whose primary responsibility is the direction of that institution's cooperative education program, for which the director or coordinator receives proportionate compensation or released time from instruction or other administrative duties;
(2) The institution will grant academic credit toward the student's degree program for the work period within the Arkansas state government system; and
(3) The institution agrees to and does so provide the committee with a written summary of the evaluation made by the institution of the student's educational-work experience within sixty (60) days of the conclusion of that placement period.