(a) The institute shall keep suitable and proper books and records of all receipts, income, and expenditures of every kind and shall submit for inspection all the books together with the proper statement of the institute's financial position once a year to the state auditor and quarterly to the Board of Regents of the University System of Georgia.

(b) The institute shall be assigned to the Board of Regents of the University System of Georgia for administrative purposes only, pursuant to Code Section 50-4-3.