A. A college partnership laboratory school may be approved or renewed for a period not to exceed five school years. A college partnership laboratory school renewal application submitted to the Board shall contain:
1. A report on the progress of the school in achieving the goals, objectives, program and performance standards for students, and such other conditions and terms as the Board may require upon granting initial approval of the college partnership laboratory school application; and
2. A financial statement, on forms prescribed by the Board, that discloses the costs of administration, instruction, and other spending categories for the school and that has been concisely and clearly written to enable the Board and the public to compare such costs with those of other schools or comparable organizations.
B. The Board may revoke a contract if the college partnership laboratory school does any of the following or otherwise fails to comply with the provisions of this chapter:
1. Commits a material and substantial violation of any of the terms, conditions, standards, or procedures required under this chapter or the contract;
2. Fails to meet or make sufficient progress toward the performance expectations set forth in the contract;
3. Fails to meet generally accepted standards of fiscal management; or
4. Substantially violates any material provision of law from which the college partnership laboratory school was not exempted.
C. If the Board revokes or does not renew a college partnership laboratory school contract, it shall clearly state, in a resolution, the reasons for the revocation or nonrenewal.