Each association formed under this chapter shall prepare and make out an annual report on forms furnished by the director of the State extension service of Clemson University containing:

1. (1) The name of the association;
2. (2) Its principal place of business; and

3. (3) A general statement of its business operations during the fiscal year, showing

   1. (a) the amount of capital stock paid up and the number of stockholders, if a stock association, or the number of members and amount of membership fees received, if a nonstock association,
   2. (b) the total expenses of operations,
   3. (c) the amount of its indebtedness or liability and
   4. (d) its balance sheets.