(a) An application for financial assistance filed pursuant to section 5904.7 of this Part, when accepted by the executive director as complete, shall be reviewed and evaluated by a committee appointed by the chairman of the board. The committee's recommendation, together with that of the executive director, shall be forwarded by the executive director to the board.

(b) No application for financial support shall be deemed approved until it is approved by the board.

(c) The executive director shall notify the applicant of the board's approval or disapproval as soon as is possible after a decision is reached by the board.