(1) The Board of Trustees of the University of Central Arkansas shall biennially make a report to the General Assembly at the beginning of its regular session.
(2) The report shall be incorporated in the report of the Commissioner of Elementary and Secondary Education and shall set forth the financial and scholastic condition of the University of Central Arkansas, furnish such suggestions as in the board's judgment are necessary for the improvement of the university, and shall make any further recommendations that may seem wise and expedient to the board.