(a) An official breed registry shall expend the funds available to it under the Act in the manner required by law. The Commission may require or conduct an audit of the financial records of a breed registry to ensure the breed registry is complying with the applicable law.(b) Not later than June 15 of each year, each breed registry designated by the Act shall submit to the Commission audited financial statements regarding its operation of the Texas Bred Incentive Program for that breed. The executive secretary may prescribe the form for the financial statements. In conjunction with the financial statements, each breed registry shall submit to the Commission a schedule of awards payable in a format prescribed by the executive secretary.(c) Not later than June 15 of each year, each breed registry designated by the Act shall submit to the Commission a report on performance measures on a form prescribed by the executive secretary.