Section 803 – Board duties.

• (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 53B-7-802;
  • (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.

Enacted by Chapter 186, 2022 General Session