(a) The secretary of every memorial district shall annually prepare a financial report signed by the board of directors containing the following information and related data in such detail as may be necessary to accurately disclose its financial condition and operations during the preceding fiscal year:
(1) Assets and liabilities at the beginning and end of the fiscal year.
(2) Receipts of any kind and the sources thereof.
(3) Disbursements of any kind and the purposes thereof.
(4) A list of all contracts, transactions, agreements of other obligations entered into.
(b) The board of every memorial district shall provide for the safekeeping of all records, at such places as the board may order and shall transfer such records to such boards as are subsequently elected under the provisions of this chapter.