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(1) The executive director shall monitor the activities of recipients of funds from the Economic Revitalization and Investment Fund 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.
(2) A housing sponsor that receives funds from the Economic Revitalization and Investment Fund shall provide the executive director with an annual accounting of how the money the entity received from the Economic Revitalization and Investment Fund has been spent and evidence that the commitment described in Subsection 35A-8-509(5) has been met.
(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 that includes:
(a) an accounting for expenditures authorized by the board; and
(b) an evaluation of the effectiveness of the program.