(a) A charter school is eligible to participate in the program if the school agrees:
(1) that all records of the school relating to participation in the program are open to inspection by the trustee, the administering firm, the commissioner of education, or a designee of any of those entities; and
(2) to have the school’s accounts relating to participation in the program annually audited by a certified public accountant at the school’s expense.
(b) A charter school must notify the trustee of the school’s intent to participate in the program in the manner and within the time required by rules adopted by the trustee.