Annually, on or before December fifteenth, an arts organization may apply to the department for a state matching grant, provided the organization includes in its application a copy of its Internal Revenue Service return of organization exempt from income tax form, or any replacement form adopted by the Internal Revenue Service, showing the total amount of contributions received from donors for the arts organization’s two most recently completed fiscal years. On or before the January fifteenth next following, the Connecticut Arts Council shall notify the department of an amount equal to the total matching grants as calculated pursuant to § 10-407 and the department shall certify such amount to the Treasurer. Thereafter, the Treasurer shall make available such amount to the department and the department shall, on or before April fifteenth, pay to each arts organization a grant as calculated pursuant to said § 10-407, provided the department shall not pay any grant equaling less than five hundred dollars.