R.I. Gen. Laws § 35-12-16: Annual report and audit.

The corporation shall submit to the board of governors for higher education, within four (4) months after the close of its fiscal year, a report of its activities for the preceding fiscal year. The report shall set forth a complete operating and financial statement covering the corporation’s operations during the preceding fiscal year. The corporation shall cause an independent audit of its books and accounts to be made at least once each fiscal year.