Ct Post/Michael Fornabaio always does a solid job with this, and as always it's posted here (and the prospect site) for reference.
The last time I read something along Matt Donovan's status was with Jesse Joensuu, who returned to the Islanders from Europe after an earlier qualifying offer to retain his NHL rights. Joensuu failed to play the required games in 2013 (a 48 game season) & became an UFA, signing with Edmonton.
Donovan turns twenty five on May 9th. Joensuu was twenty five in 2013 during the Islanders playoffs vs Pittsburgh when he was a healthy scratch with only a few games needing to be played to retain his rights.