The commissioner shall keep a record in suitable books showing a detailed quarterly statement of the condition of all of the permanent funds under the control of the board of university and school lands, the amount of each fund, how invested, when due, interest paid, and all acts connected with the management of such funds. All records and record books are open at all times for inspection by the public. The commissioner may submit a biennial report to the governor and the secretary of state in accordance with section 54-06-04. If submitted, the report must show all investments of the several funds, the work done during the preceding fiscal biennium, the number of acres of land sold or leased by the department, the amount received therefor, the amount of proceeds received to the credit of the several funds, the expense of administration of the department, and all other matters relating to the commissioner’s office as are necessary to disclose fully the operation of the department.