Section 53B-7-803 - 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.Added by Chapter 186, 2022 General Session ,§ 4, eff. 3/22/2022.