All institutions governed by the board of trustees of the University of Tennessee shall submit annually institutional mission statements to the Tennessee higher education commission for review and approval. An institutional mission statement shall:
(1) Characterize distinctiveness in degree offerings by level, focus, and student characteristics, including, but not limited to, nontraditional students and part-time students; and
(2) Address institutional accountability for the quality of instruction, student learning, and, when applicable, research and public service to benefit Tennessee citizens.