; (C) identify the steps the Under Secretary will take to award covered grants through the Grant Program if the demand for covered grants exceeds the amount appropriated to carry out the Grant Program; and (D) develop criteria for evaluating applications for covered grants. (f) Term The Under Secretary shall establish the term of a covered grant, which may not be less than 5 years. (g) Grantee reports During the term of a covered grant received by an eligible entity, the eligible entity shall submit to the Under Secretary a semiannual report that, with respect to the preceding 180-day period— (1) describes how the eligible entity used the covered grant amounts; (2) describes the progress the eligible entity made in developing and executing the applicable training program; (3) describes the number of faculty and students participating in the applicable training program; (4) describes the partnership with the industry partner of the eligible entity, including— (A) the commitments and in-kind contributions made by the industry partner; and (B) the role of the industry partner in curriculum development, the degree program, and internships and apprenticeships; (5) includes data on internship, apprenticeship, and employment opportunities and placements; and (6) provides information determined necessary by Under Secretary to— (A) measure progress toward the goals established under subsection (e)(2)(A); and (B) assess whether the goals described in subparagraph (A) are being met. (h) Oversight (1) Audits The Inspector General of the Department of Commerce shall audit the Grant Program in order to— (A) ensure that eligible entities use covered grant amounts in accordance with the requirements of this section, including the purposes for which covered grants may be used, as described in subsection (c)