SECTION 12. Legal assistance fund; applications; financial statements

There shall be established and set up on the books of the commonwealth a fund, as defined in section one. The corporation shall establish procedures for the application by qualified legal services programs for financial assistance from funds received or from other sources for the purposes established in this chapter. The corporation shall determine if such applications comply with the provisions of this chapter and shall determine the amounts of financial assistance to be provided to the qualified legal services programs.

Application for such financial assistance shall be made by qualified legal services programs by July first of each year. The corporation shall determine the amount of financial assistance to be distributed and the recipients of such financial assistance by September first of each year and payment of such financial assistance shall be made by October first of each year. In its discretion, the corporation may allow a second round of applications to be completed by January first, the distribution of which shall be determined by March first and payment of which shall be made by April first of each year.

Every recipient of such financial assistance shall annually submit to the corporation a financial statement including an audit of such monies approved by a certified public accountant.