(a)
(1) The Division of Higher Education, in consultation with the institutions of higher education, shall develop an Arkansas Higher Education Performance Reporting System.
(2) The Legislative Council shall have final approval of the form and content of the performance reports to be provided to the General Assembly, the various interim committees, and the public after considering the recommendations of the House Committee on Education and Senate Committee on Education.
(b) To the extent possible, the Arkansas Higher Education Performance Reporting System will utilize information from an accrediting agency recognized by the United States Department of Education's assessment outcomes measures, which are required for reaffirmation of accreditation, federal Integrated Postsecondary Education Data System report data, and data collected annually through the Statewide Information System of the Division of Higher Education.
(c) In developing the Arkansas Higher Education Performance Reporting System, the Division of Higher Education will review and analyze higher education performance reporting systems used in other states to incorporate the best aspects of those plans.
(d) The Arkansas Higher Education Performance Reporting System will provide the General Assembly and the public with quantitative, objective information which will reveal institutional weaknesses and strengths. Performance-based reports shall be provided annually to the House Committee on Education, the Senate Committee on Education, and the Legislative Council.
(e) To the extent possible, and taking into account the differences in institutional missions, the Arkansas Higher Education Performance Reporting System will contain uniform accountability elements which reveal trends, strengths, and weaknesses and assist policymakers and prospective students and their parents in comparing institutions and judging the extent to which they are effectively and efficiently accomplishing their missions.