53H-8-403. Board duties.
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Effective 10/14/2025
53H-8-403. 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 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