(1) Institutions/schools offering career and vocational/technical education shall report on a timely basis to enable the state director of K-12 career and vocational/technical education to prepare required state and federal reports.

(2) Reporting forms developed by the state director of K-12 career and vocational/technical education and approved by the superintendent of public instruction shall be furnished to the local institution.

(3) Failure of institutions/schools to submit required information may result in loss of funding.