An educational institution that seeks to qualify as a State-aided educational institution for funding in the fiscal year following the upcoming fiscal year shall submit before May 1 to the Maryland State Department of Education:
(1) An augmentation request describing:
(i) Who will be served;
(ii) The objectives of the educational program; and
(iii) The anticipated outcomes;
(2) An application for qualification as a State-aided educational institution; and
(3) Supporting documentation as described in § 5-501 of this subtitle.