1. On or before August 1 of each year, the Board of Regents shall:
(a) Review all Nevada Promise Scholarships awarded for the immediately preceding academic year;
(b) Compile a report for the immediately preceding academic year, which must include the number of students who applied for a scholarship, the number of students who received a scholarship, the total cost associated with the award of Nevada Promise Scholarships, the total number of hours of community service performed pursuant to NRS 396.9665, the graduation rate of students who received a scholarship and the scholarship retention rate; and
(c) Submit the report to the Director of the Legislative Counsel Bureau for transmittal to:
(1) In even-numbered years, the next regular session of the Legislature; and
(2) In odd-numbered years, the Joint Interim Standing Committee on Education.
2. As used in this section, “scholarship retention rate” means the percentage of students who received a scholarship for the academic year immediately preceding the academic year to which a report compiled pursuant to subsection 1 pertains who did not graduate by the end of that academic year and who also received a Nevada Promise Scholarship for the academic year to which the report pertains.