Each board of education shall establish the requirements and procedure for reporting any and all activity relating to investment functions provided for in this act, in order to prepare a record monthly of the investment income and changes made during the preceding month. The record shall reflect a detailed summary of investment, reinvestment, purchase, sale and exchange transactions, showing the dates thereof, the prices paid and obtained, the names of the dealers and such other information as the board of education may consider advisable to reflect a true accounting of the investment activity of the retirement fund.