(a) For any organization that receives funds generated by live or simulcast pari-mutuel racing, the commission shall adopt reporting, monitoring, and auditing requirements or other appropriate performance measures for:
(1) any funds distributed to or used by the organization; and
(2) any function or service provided by the expenditure of the funds described by Subdivision (1).
(b) The commission shall adopt the requirements or performance measures after consultation with the affected organization. In adopting the rules, the commission shall consider the concerns of the affected organization.