To be eligible to apply for a matching award a community organization must:

(1) Have or establish a higher education scholarship program and, during a twelve-month period designated and described in the annual application, raise at least two thousand dollars in new money for student scholarships;

(2) Obtain and maintain tax exempt status under section 501 (c)(3) of the Internal Revenue Code for the fund supporting the student scholarship program;

(3) Award student scholarships without regard to age, sex, marital status, race, creed, color, religion, national origin, or the presence of any mental, sensory, or physical handicap; and

(4) If the recipient of the matching grant is a college foundation, agree to award student scholarships funded by the grant and the matching money only to graduating students for the specific purpose of continuing their higher education. College foundations must be registered with the attorney general's office under the Charitable Trust Act, chapter 11.110 RCW.