53H-8-403. Board duties.
(1) The board shall: act as trustee of the endowment and exercise the state's fiduciary responsibilities; meet at least twice a year to conduct business on behalf of the endowment; review and approve all endowment policies, projections, rules, criteria, procedures, forms, standards, and performance goals; review and approve the budget and expenditures for the endowment in accordance with Section; 53H-8-402 review financial records for the endowment, including endowment receipts, expenditures, and investments; and take any other action necessary to perform the board's fiduciary obligations.
(2) The board shall annually submit a budget and expenditures to the Higher Education Appropriations Subcommittee no later than November 1.