; and (B) the severity of equity audit findings, including low overall performance outcomes or large performance gaps between groups of students. (3) Duration A grant award under this section shall be 5 years in duration. (c) Application (1) In general An eligible entity that desires to receive an implementation grant under this section shall submit an application to the Secretary at such time, in such form, and containing such information, as the Secretary may require. (2) Contents Each application submitted under paragraph (1) shall include the following: (A) Demographic information and data about the eligible entity, including a description of the entity's mission, history, enrollment size, the student population it serves, and educational and related expenditures. (B) A description of equity audit findings, including the gaps in outcomes identified and for which group of students. (C) An improvement plan that includes a description of the specific activities the eligible entity will carry out with the funds made available by such grant to address the specific gaps or problems identified by the equity audit. (D) A description of how the eligible entity will annually monitor and assess its progress in closing achievement gaps. (E) A description of the level of institutional commitment and which institutional leaders and offices will be involved in the planning, improvement, and assessment process. (3) Priority An application submitted under paragraph (1) shall receive priority based on the following: (A) The average educational and related expenditures per full-time equivalent undergraduate student of the eligible entity is low in comparison with the average educational and related expenditures per full-time equivalent undergraduate student of institutions that offer similar instruction. (B) The eligible entity demonstrates low overall performance outcomes or large performance gaps between groups of students and submits additional written statements from select executive-level institutional leaders, including