By January 1, 2016, and annually each January 1st thereafter, the foundation contracted with under RCW 28B.123.030 shall report to the board regarding the program, including:

(1) An accounting of receipts and disbursements of the foundation’s separate scholarship award account including any realized or unrealized gains or losses and the resulting change in account balance;

(2) A list of the program participants and the scholarship amount awarded, by year; and

(3) Other outcome measures necessary for the board to assess the impacts of the program.