(a) Each authorized agency shall submit to the department for each institution, group residence, group home program, agency boarding home program and family foster boarding home program and approved school for the handicapped, an income and expenditure report for the past fiscal period, including a program description and any supplemental reports in whatever form specified by the department.

(b) Each approved private school for the handicapped for which the department sets a State aid rate shall submit to the department for each program, an income and expenditure report for the past fiscal period and any supplemental reports in whatever form specified by the department.

(c) The department shall review material required and forwarded by an authorized agency or school, pursuant to the requirements of subdivisions (a)-(b) of this section, to establish the maximum payments on which reimbursement for maintenance costs shall be made to a social services district for the next fiscal period for providing care for a child in each institution, group residence, group home, agency boarding home program, foster family boarding home program or approved school for the handicapped. The amount of State reimbursement shall be available up to the maximum State aid rate established for each program, for costs deemed reasonable by the department.