Not later than May 1 of each year, any organization that receives payment from any fee imposed on the issuance or renewal of a distinctive license plate shall submit to the house of representatives committee on transportation, the senate committee on transportation, the legislative research department and the state treasurer a report on the prior year’s finances that contains the following information:

(a) The total amount of money received by the organization from such distinctive license plate fee from the prior year; and

(b) the list of expenditures that the money in subsection (a) was spent on by the organization.