Punishing the child for something the parent didn't do is unacceptable.
They do this same thing at my kids' school. The report card is sent home in a manilla envelope every 6 weeks. The parents are to sign it and send it back the next day. In K, the kids get 2 tickets to the treasure box if they bring it back the next day, they get 1 ticket if it's brought back a day late, and no tickets after that. Nothing like making a 5/6 year old sit and watch other children get toys for something they had basically no control over!