(1) The department of higher education shall review each agreement, and any modifications to the agreement, that it receives from an institution of higher education to ensure that the agreement meets the minimum requirements specified in section 23-3.9-205. If the department finds that an agreement does not meet the requirements, it shall return the agreement to the appropriate rural local education provider and institution of higher education for modification.

(2) The department of higher education shall review the annual report received concerning each teaching fellowship program and submit an annual summary report to the state board of education, the Colorado commission on higher education, the joint budget committee of the general assembly, and the education committees of the house of representatives and the senate, or any successor committees. The department of higher education shall prepare and submit the summary report annually, notwithstanding section 24-1-136 (11)(a)(I), as part of the report required in section 23-1-121 (6). At a minimum, the summary report must include:

(a) Data concerning implementation of the teaching fellowship programs across the state, including:

(I) The participating rural local education providers and institutions of higher education;

(II) The number of teaching fellows; and

(III) The subjects and grade levels that the fellows are teaching; and

(b) An evaluation of the effectiveness of the teaching fellowship programs in reducing the shortage of teachers in the state, based at least in part on the number of teaching fellows who are employed by the participating rural local education providers at the completion of the fellowship, the number who remain employed through subsequent years, and the level of performance of the persons who are employed as teachers following completion of a teaching fellowship, to the extent the data is available.