The Department may disburse funds for a project up to 50 percent of eligible costs or $15,000, whichever is less. Grant funds shall be distributed as follows: One third of the grant shall be awarded to the applicant following the execution of the cost-sharing agreement. One third of the grant shall be awarded to the applicant when the project begins operation. The Department shall verify the operation before payment. One third of the grant shall be awarded to the applicant following receipt of a project final report prepared by the applicant. The final report shall contain: An evaluation of the degree to which the project meets grant program objectives as provided in Regulation .05A(1)(c), including test results; An accounting of the disbursement of all funds with an itemized list of costs associated with the project; The date and the signature of the applicant certifying that the information presented is true and correct to the best of that person's knowledge. If actual costs are less than the estimated costs contained in the agreement, the payment may not exceed the cost share rate based on the actual costs. If actual costs are more than the estimated costs contained in the agreement, the payment may be based on the actual cost if the Department approves the overrun and if funds are available.