(a) For the Mentorship Program, an eligible institution must file, in conjunction with the participating school district(s) or nonprofit organization(s), a memorandum of understanding with the Coordinating Board.(b) An eligible institution may enter into agreements with off-campus employers to participate in the Program. To be eligible to participate, an off-campus employer must:(1) provide part-time employment to an eligible student in nonpartisan and nonsectarian activities;(2) provide, insofar as is practicable, employment to an eligible student that is related to the student's academic interests;(3) use Program positions only to supplement and not to supplant positions normally filled by persons not eligible to participate in the work-study program; and(4) unless eligible for a waiver of matching funds under subsection (b) of this section, provide not less than 25 percent of an employed student's wages and 100 percent of other employee benefits for the employed student from sources other than federal college work-study program funds, if the employer is a nonprofit entity; or(5) provide not less than 50 percent of an employed student's wages and 100 percent of other employee benefits for the employed student, if the employer is a profit-making entity.(c) Institutions eligible to receive Title III funds from the U. S. Department of Education are exempted from the Program requirement to provide 25 percent of an employed student's wages, if they provide the Board with a copy of a current Title III eligibility letter from the U. S. Department of Education.