The following shall apply:
(1) The land bank shall annually, within 120 days after the end of the fiscal year, submit an audit of income and expenditures, together with a report of its activities for the preceding year, to the department.
(2) A duplicate of the audit and the report shall be filed with the governing body of:
(i) the land bank jurisdiction which created the land bank; and
(ii) each political subdivision which opted to participate in the land bank pursuant to an intergovernmental agreement.