; (II) a description of how the qualifying institution will contribute to local and regional economic development efforts; and (III) a plan for sustainability beyond the duration of the funding award. (iv) Program oversight boards (I) In general Successful proposals shall include a plan to assemble a Program Oversight Board, the members of which shall have technical, scientific, or business expertise and shall be drawn from industry, start-up companies, venture capital, technical enterprises, financial institutions, and business development organizations. (II) Program oversight boards responsibilities Program Oversight Boards shall— (aa) establish award programs for individual projects; (bb) provide rigorous evaluation of project applications; (cc) determine which projects should receive awards, in accordance with guidelines established under subparagraph (C)(ii); (dd) establish milestones and associated award amounts for projects that reach milestones; (ee) determine whether awarded projects are reaching milestones