All institutions in the university shall transmit to the department yearly, on or before September 1st, a report in prescribed form for the preceding statutory school year. No such institution whose report is not filed before the 20th day of September shall participate in any apportionments, unless such neglect is duly excused. Any institution failing to report for two consecutive years shall be deemed to have discontinued its operations, and after due notice its charter may be suspended as provided in section 222 of the Education Law.