(a) Each institution of higher education, as defined by § 61.003, shall post on the institution’s Internet website a copy of the institution’s financial transactions to the extent necessary to provide, for each payment drawn from money appropriated from the state general revenue fund or received as student tuition or fee payments:
(1) the amount of the payment;
(2) the date of the payment;
(3) a brief description of the purpose of the payment; and
(4) the name of the payee.
(b) An institution of higher education may comply with this section by providing on the institution’s Internet website an easily noticeable direct link, the purpose of which is clearly identifiable, to an Internet website maintained by the comptroller that provides information concerning the institution that is similar to the information required under Subsection (a).