(a) Community colleges are under the supervision of the state board of regents.

(b) The state board of regents shall identify and approve core indicators of quality performance for each of the community colleges separately, after considering core indicators recommended by the board of trustees of each respective community college, and shall establish and implement a data management system that includes a process and format for collecting, aggregating and reporting common and institution-specific information documenting effectiveness of the colleges in meeting the role and mission thereof.