Section 5. Prior to the submission of any project to the asset management board, the state agency making such submission shall first develop an inventory of its assets and identify those assets that are underutilized or might otherwise qualify for management as part of an asset management project pursuant to the provisions of this chapter. If such proposed project is limited to one or more institutions or facilities, such inventory likewise may be limited to the assets contained at such institution or facility. Notice of the submission of a proposed project which involves interests in real property shall be sent to the division of capital asset management and maintenance together with a copy of the inventory. Each such agency proposal shall be submitted to the asset management board only after approval of the executive office within which such agency is located, or, in the case of institutions of higher education, the board of regents.