For each state fiscal year (beginning July 1), the Ohio Third Frontier Advisory Board and Commission develop and approve a program plan and budget. Required by legislation, all Ohio Third Frontier funds must be awarded by competitive processes. The vast majority of Ohio Third Frontier funds are awarded in the form of grants.

Requests For Proposals are released by the Ohio Department of Development on the Ohio Third Frontier Web site. Independent experts are enlisted to review proposal submissions received for each program based on the evaluation criteria established in the Requests For Proposals. Reviewer recommendations are made to the Ohio Third Frontier Commission, which then has the authority to make award decisions. Most Ohio Third Frontier awards are also approved by the state's Controlling Board.