(b) In addition, to be eligible for assistance under subdivision two of this section an institution must annually submit to the commissioner a complete and detailed report as to each major item of educational and other revenue and expenditure contained in the budget for such approved program of dentistry, for both the preceding and the current academic years for which aid pursuant to this section has or will be received. Such report shall also include enrollment and faculty data, and shall be in such form as the commissioner, with the approval of the director of the budget, may prescribe. The commissioner, upon review of the data contained in such report, shall be authorized to require such institutions to file an application with the appropriate agency of the federal government for a Financial Distress Grant pursuant to Title VIII of the Health Professions Educational Assistance Act of 1976, as a condition of further receipt of assistance under subdivision two of this section.