The Board shall decide whether to approve a qualified applicant's application for funding based upon the proposed activity's ability to meet the following criteria: Ability to meet community needs; Degree of agricultural promotion; Financial need; Growth and improvement of activity; Involvement of community; Organizational quality of activity; Quality of display; Size and scope of activity; and Strength and depth of management. If the Board approves an application for funding, it shall notify the applicant of the allocation. The applicant shall enter into an agreement with the Board.