(1) The board shall: (a) act as trustee of the endowment and exercise the state's fiduciary responsibilities; (b) meet at least twice a year to conduct business on behalf of the endowment; (c) review and approve all endowment policies, projections, rules, criteria, procedures, forms, standards, and performance goals; (d) review and approve the budget and expenditures for the endowment in accordance with Section 53H-8-402; (e) review financial records for the endowment, including endowment receipts, expenditures, and investments; and (f) 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. Renumbered and Amended by Chapter 8, 2025 Special Session 1
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