The contract must provide for:
(1) Approval of the articles of incorporation of the corporation by the department and for the appointment of the members of the board of directors by the secretary of the department.
(2) Annual review and certification by the secretary of the department that the corporation is operating in compliance with the terms of the contract, in a manner consistent with the goals of the department, and in the best interests of the state.
(3) The reversion to the state of all the corporation’s assets if the contract is terminated or the corporation is otherwise dissolved.
(4) The fiscal year of the corporation as beginning on July 1 and ending on June 30 next following in each year.
(5) The corporation filing with the department an annual financial audit as defined in s. 11.45 and a management letter.
(6) The specific purposes for which and the geographic area in which the corporation is authorized to act for the department.
(7) The authority for the department and the Auditor General to conduct audits.