The committee shall have the following powers and duties:
(1) To meet not less than two (2) times each year;
(2) To establish rules for governance and operation of committee proceedings;
(3) To request applications for funding from the Idaho millennium income fund;
(4) To meet to hear testimony and to consider applications for funding from the Idaho millennium income fund;
(5) To evaluate the actual and potential success of programs funded with moneys from the Idaho millennium income fund; and
(6) To present recommendations annually to the legislature for the use of the moneys in the Idaho millennium income fund.