(a) A governing board shall adopt by rule or resolution a written investment policy for the investment of its institutional funds.
(b) Not less than quarterly, an institution of higher education shall prepare and submit to the governing board of the institution a written report of the institution’s institutional funds investment transactions for the preceding reporting period.

(c) In addition to other information that may be required by the governing board, the report must contain:
(1) a summary statement of each pooled fund group that states the beginning market value for the reporting period, additions and changes to the market value during the period, and the ending market value for the period; and
(2) the book value and market value of each separately invested asset at the beginning and end of the reporting period by type of asset and fund type invested.
(d) In this section:
(1) “Governing board” means a governing board described in § 51.0031(c).
(2) “Institution of higher education” means an institution of higher education under the governance of a governing board to which this section applies.
(3) “Pooled fund group” means an internally created fund of an institution of higher education in which one or more institutional accounts are invested.
(4) “Separately invested asset” means an account of an institution of higher education that is not invested in a pooled fund group.