|(a) General Information. The program, as it applies to this section: (1) Eligible institutions--Public institutions of higher education that are general academic teaching institutions, other than public state colleges, that are not research universities or emerging research universities. (2) Application requirements--Eligible institutions shall submit one (1) program to the Coordinating Board for consideration. Applications shall be submitted to the Board in the format and at the time specified by the Commissioner. (3) General Selection Criteria. The Program is designed to distribute a one-time award for programs that have achieved the highest national ranking or recognition for that type of program. Standards for determining highest national ranking or recognition shall be developed and approved by the Board utilizing the services of out-of-state consultants with relevant expertise. (b) Review Criteria. (1) The Board shall establish a set of criteria for determining highest national ranking or recognition for programs based upon the recommendations of out-of-state consultants with relevant expertise. (2) The Board shall also approve the associated funding levels for each type of degree program designated by an institution for this award program. (c) Application and Review Process. (1) The Commissioner may solicit recommendations from eligible institutions each year for which there is funding for the designation of an eligible program. (2) Board staff shall use peer and Board staff reviewers to evaluate the quality of applications. (3) The Commissioner shall select qualified individuals to serve as reviewers. Reviewers shall demonstrate appropriate credentials to evaluate award applications in the nominated program(s). Reviewers shall not evaluate any applications for which they have a conflict of interest. (4) The Board staff shall provide written instructions and training for reviewers. (d) Funding Decisions. The Board shall approve one-time awards based upon the recommendation of the staff's and reviewers' assessment of programs meeting applicable standards. The Commissioner shall report approved awards to the Board for each annual award period.