8.__Accounting, evaluation and reporting requirements.__Each institution receiving funding shall:

A.__Maintain an accurate accounting of the use of all program funds as required by state procedures and program guidelines;

B.__Undertake an ongoing process to evaluate the impact of the research undertaken with program funds.__At a minimum, the evaluation process must be designed to provide the following:

(1)__An assessment of the direct and indirect economic impact of the funded research; and

(2)__An assessment of the contribution of the funded research to scientific advancement and the institution's competitive position; and

C.__Each biennium, submit a report to the department.__The report must include:

(1)__An accounting of the use of all program funds received in the previous 2 years, prepared by a certified public accountant;

(2)__A summary of the status of any ongoing research;

(3)__A summary of the results of any completed research; and

(4)__Evaluation data and assessment.

9.__Rulemaking.__The department shall adopt routine technical rules, pursuant to Title 5, chapter 375, subchapter II-A to implement this section.

Sec. 2. 22 MRSA §1511, sub-§3, ¶¶A and B, as enacted by PL 1999, c. 401, Pt. V, §1, are amended to read:

A. For the first 5 years that the State receives money described in subsection 2, paragraph A, the Treasurer of State shall report to the Legislature the amount that represents 90% of the annual payment that is expected to be