The Division of Elementary and Secondary Education shall:

1. (1) Conduct an end-of-semester review of each open-enrollment public charter school that is in its initial school year of operation at the end of the:

   1. (A) First semester; and
   2. (B) School year; and

2. (2) Report to the State Board of Education and the commissioner on the open-enrollment public charter school’s overall:

   1. (A) Financial condition; and
   2. (B) Condition of student enrollment.