; and (3) able to demonstrate an ability to meet all requirements of this Act. (c) Application An eligible entity desiring a contract under this section shall submit an application to the Chief Financial Officer at such time, in such manner, and containing such information as the Chief Financial Officer may require. (d) Administrative expenses From the amounts made available under the contract described in subsection (a), the administering entity may reserve an amount that is not greater than the sum of 5 percent of the funds allocated under section 4(a)(4) for each eligible child with an education savings account, to be used by the administering entity for the administrative expenses associated with the program under this Act. 4. Universal educational choice for District of Columbia students (a) Basic elements of parental choice in education (1) Educational choice Except as provided in paragraph (6), the parent of any eligible child may enter into an agreement under paragraph (2)(B) with the administering entity for any year during which the eligible child will be in a grade for which the District of Columbia provides free public education. (2) Provision of education savings accounts (A) In general Beginning with the 2018–2019 school year, the administering entity shall provide, to each eligible child whose parent enters into or renews an agreement described in subparagraph (B) with the administering entity for the school year, an education savings account described in paragraph (3), into which scholarship amounts for the year shall be deposited in accordance with paragraph (4). (B) Agreement The agreement required under this subparagraph shall be in a manner and on a form determined by the administering entity and shall provide that— (i) the eligible child will receive an education savings account described in paragraph (3) and the administering entity will deposit a scholarship into the account for each year that the agreement is in effect, in accordance with paragraph (4)