(a) The Corporation shall submit an annual report to the University of Guam Board of Regents, I Maga’låhen Guåhan (the Governor of Guam), and I Liheslaturan Guåhan (the Guam Legislature).

(b) The report shall include, but not be limited to, the Corporation’s audited financial statements, including its balance sheet, statement of income and expenses, a synopsis of all ongoing research projects, and a summary of funding for each such project by the source of such funding, whether local government, federal government, or other sources, and a statement of cash flows; and progress and accomplishments during the year.