The trustees, or their board representative, shall appear annually, in January, before the Joint Standing Committee on Education to report on efforts by the University of Maine System to comply with the state public policy on higher education established by section 10902. That report shall include, but need not be limited to, the following:
1. Planning. Efforts of the trustees to assure a cohesive system of planning for a delivery of higher educational opportunities; and
2. Accounting. An accounting of the prior year's funding.