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(1) The executive director shall monitor the activities of recipients of grants and loans issued under this part on a yearly basis to ensure compliance with the terms and conditions imposed on the recipient by the executive director with the approval of the board or by this part.
(2) An entity that receives a grant or loan under this part shall provide the executive director with an annual accounting of how the money the entity received from the fund has been spent.
(3) The executive director shall make an annual report to the board accounting for the expenditures authorized by the board.
(4) The board shall submit a report to the department for inclusion in the annual written report described in Section 35A-1-109:
(a) accounting for expenditures authorized by the board; and