Annual report -- Annual audit -- Reimbursement of state auditor.
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(1) Following the close of each fiscal year, the authority shall submit an annual report of the authority's activities for the preceding year to the governor and the Higher Education Appropriations Subcommittee.
(2) Each report shall include a complete operating and financial statement of the authority during the fiscal year it covers.
(3) The state auditor shall at least once in each year audit the books and accounts of the authority or contract with an independent certified public accountant for this audit.
(4) The authority shall reimburse the state auditor from its available money for the actual and necessary costs of the audit.