; (iv) requires that, not later than 180 days after the date on which the State and the Secretary enter into the agreement (or a later date if the Secretary determines that later date to be appropriate), the State program of the State is able to make the type of equity investments contemplated by this Act; and (v) includes an agreement by the State to submit to the Secretary any reports required under the Program, including those required under section 7. (2) Approved State programs (A) Models The Secretary may certify a State program that uses either of the following structures as an approved State program: (i) A program in which a State-supported entity or a private investment firm (referred to in this clause as the manager ) directly invests in startups in accordance with the following requirements: (I) A State agency may not serve as the manager of the program. (II) Any investment made under the program shall have not less than 50 percent of the investment funded using nongovernment sources. (III) A State-sponsored entity or nonprofit organization serving as the manager under the program may charge a market rate annual management fee. (IV) The State may allow the manager under the program to receive a market-rate profit share. (V) The manager under the program shall actively— (aa) educate minority-owned and women-owned startups regarding the process through which the manager makes equity investments