The chancellor of higher education shall monitor each initiative for which an award is granted under the choose Ohio first scholarship program to ensure the following:

(A) Fiscal accountability, so that the award is used in accordance with the agreement entered into under section 3333.65 of the Revised Code;

(B) Operating progress, so that the initiative is managed to achieve the goals stated in the proposal and in the agreement, and so that problems may be promptly identified and remedied;

(C) Desired outcomes, so that the initiative contributes to the program’s goals of enhancing regional educational and economic strengths and meeting regional economic needs.