1. (1) The board shall:

   1. (a) act as trustee of the endowment and exercise the state's fiduciary responsibilities;
   2. (b) meet at least twice a year to conduct business on behalf of the endowment;
   3. (c) review and approve all endowment policies, projections, rules, criteria, procedures, forms, standards, and performance goals;
   4. (d) review and approve the budget and expenditures for the endowment in accordance with Section 53H-8-402;
   5. (e) review financial records for the endowment, including endowment receipts, expenditures, and investments; and
   6. (f) take any other action necessary to perform the board's fiduciary obligations.
2. (2) The board shall annually submit a budget and expenditures to the Higher Education Appropriations Subcommittee no later than November 1.

Renumbered and Amended by Chapter 8, 2025 Special Session 1