(1) A sponsoring organization that is an institution may use funds received through the sponsored special group license plate program only for:
(a) the institution's academic scholarships; or
(b) the institution's intercollegiate athletics program for compensation for a student athlete's name, image, or likeness as described in Title 53H, Chapter 6, Part 2, Athletics.
(2) The state auditor may audit each institution to verify that the money an institution collects from contributors is used only for the uses described in Subsection (1).
(3) A sponsoring organization that is an institution may establish the contribution amount required to obtain the institution's collegiate special group license plate.