(1) Each scholarship-granting organization shall annually submit to the department no later than December 1 of each year an audited financial information report for its most recent fiscal year certified by an independent public accountant.

(2) Each scholarship-granting organization shall include with the report submitted under subsection (1) of this section a summary description of (a) its policies and procedures for awarding education scholarships, (b) the number of eligible students receiving education scholarships in the most recent fiscal year, (c) the total amount of contributions received for education scholarships in the most recent fiscal year, and (d) the total amount of education scholarships awarded in the most recent fiscal year.

(3) The department shall electronically forward such reports and summary descriptions to the Governor and the Legislature no later than December 31 of each year.

(4) By June 30, 2027, and by June 30 of each odd-numbered year thereafter, the department shall electronically submit a report to the chairperson of the Appropriations Committee of the Legislature, the chairperson of the Education Committee of the Legislature, and the chairperson of the Revenue Committee of the Legislature. The report shall include, but not be limited to, the following:

(a) A review of the progress of the Opportunity Scholarships Act;

(b) The number of students currently wait-listed or denied from receiving an education scholarship and the reason for the wait-listing or denial;

(c) The dollar amount of education scholarships given by scholarship-granting organizations; and

(d) The demographic information of students receiving education scholarships, including, but not limited to:

(i) Income level;

(ii) Grade level; and

(iii) Geographic location.