(a) In this section, "state agency" means:
(1) a board, commission, department, office, or other entity that is in the executive branch of state government and that was created by the constitution or a statute of this state, including an institution of higher education as defined by Section 61.003, Education Code;
(2) the legislature or a legislative agency; or
(3) the supreme court, the court of criminal appeals, a court of appeals, the state bar, or another state judicial agency.
(b) The books and records of a corporation other than a bona fide alumni association are subject to audit at the discretion of the state auditor if:
(1) the corporation's certificate of formation specifically dedicates the corporation's activities to the benefit of a particular state agency; and
(2) a board member, officer, or employee of that state agency is a director of the corporation.
(c) If the corporation's charter specifically dedicates the corporation's activities to the benefit of a particular state agency but the conditions described by Subsection (b)(2) do not exist, a corporation shall file with the secretary of state a copy of the report required by Section 22.352(b) for the preceding fiscal year not later than the 89th day after the last day of the corporation's fiscal year.