(a) For purposes of this section, “state agency” means every department, division, office, board, commission, and institution of this state, excluding state-supported institutions of higher education.
(b) Every state agency that receives grants in excess of twenty-five thousand dollars ($25,000) from any source shall report to the Legislative Council within forty-five (45) calendar days after receipt of a grant.
(c) The report shall include:
(1) The amount of the grant;
(2) The purpose of the grant;
(3) The source of the grant;
(4) Conditions of the grant; and
(5) Any other information requested by the Legislative Council.
(d) All state-supported institutions of higher education shall continue to report grants to the Department of Finance and Administration quarterly on forms prescribed by the department, and the department shall upon receipt thereof file the reports with the Legislative Council.