that's a great question.
remember that part of the idea of this contest is to help the winners get their programs noticed and used by people, and get them some donations.
so winning programs will be spotlighted on a web page and made available for download and users will be encouraged to try them and download to author if they like them.
SO, it's fine for some features not to be finished, IF the program is still fully usable and useful to end users.
Therefor if it's missing key functions that makes it not a useful tool, then that would disqualify it. But if it's missing some extra features you plan on adding over time, that's ok, that's just normal software development process.
But remember that the contest doesn't end until the middle of July, so you've got some time left to work on it