To be classified as a private nonprofit institution of higher education under Education Article, §10-101, Annotated Code of Maryland, an institution of higher education shall provide to the Secretary, by March 1 of each year, a report in a form prescribed by the Secretary. In the report, the institution shall include the following: A certification that the institution: Benefits no person or entity through any part of its net earnings; Is legally authorized to operate as a nonprofit organization by each state in which it is physically located; and Is currently classified by the IRS to be an organization to which contributions are tax deductible in accordance with 26 U.S.C. §501(c)(3); A description of any reportable incidents in the previous calendar year and, for each reportable incident: An explanation of the basis for the institution’s belief that the reportable incident does not constitute private inurement; and What, if any, corrective actions have been taken to date; and A declaration signed and dated by the chief executive officer of the school, under penalty of perjury, that the information in the report and any attachments to the report are true and correct.