(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.