A tribally controlled postsecondary vocational institution is eligible for assistance under this part if it--
(a) Is governed by a board of directors or trustees, a majority of whom are Indians;
(b) Demonstrates adherence to stated goals, a philosophy, or a plan of operation that fosters individual Indian economic and self-sufficiency opportunity, including programs that are appropriate to stated tribal goals of developing individual entrepreneurships and self-sustaining economic infrastructures on reservations;
(c) Has been in operation for at least three years;
(d) Holds accreditation with or is a candidate for accreditation by a nationally recognized accrediting authority for postsecondary vocational education; and
(e) Enrolls the full-time equivalency of not fewer than 100 students, of whom a majority are Indians. (Authority: 20 U.S.C. 2397b)