Every horsemen's organization which maintains a welfare fund entitled to any moneys or payment from unclaimed pari-mutuel pool distributions under provisions of Section 19641 of the Business and Professions Code shall file with the Board within 90 days after the close of its fiscal year a financial report prepared by a certified public accountant. The annual report shall be prepared under generally accepted auditing standards and include a description of each activity or program funded by unclaimed pari-mutuel pool distributions. The administrator of the welfare fund or the horsemen's organization shall file an accompanying report concerning the programs or activities implemented or proposed at the time the report is submitted, a five-year estimate of the annual total cost of the programs or activities, and the statutory basis for the programs or activities.