Oneida County, New York sponsors the Mohawk Valley Community College (MVCC). Based on the following information from the County's financial statements for the year ended December 31, 2015, state (1) whether MVCC should be reported as a component unit of Oneida County and (2) if so, whether it should be blended or discretely reported. Give reasons for your answers.
MVCC is administered by a Board of Trustees consisting of ten voting members. Five are appointed by the Oneida County Executive and confirmed by the Oneida Legislature, four by the Governor of the state, and one student is elected by the student body. MVCC's budget is subject to the approval of the County Executive and the County Legislature, and the County provides substantial funding for MVCC's operations.

Based on the information provided, select the correct statement.

The MVCC qualifies as a discretely presented component unit.
The MVCC qualifies as a blended component unit.
The MVCC does not meet the criteria to be considered a component unit.