(1) Advise the Governor and General Assembly on statewide higher education policy;

(2) Conduct statewide planning for higher education;

(3) Coordinate and arbitrate among different segments of higher education in the State;

(4) Review, negotiate as necessary, and grant final approval of mission statements for each public institution of higher education and each regional higher education center that requests or receives State funding;

(5) Assess the adequacy of operating and capital funding for public higher education and establish operating funding guidelines based on comparison with peer institutions and on other relevant criteria;

(6) Establish and maintain a higher education information system for planning, coordination, and evaluation purposes;

(7) Coordinate the State’s program of performance accountability reporting for public institutions of higher education; and

(8) Administer statewide programs of student financial assistance for higher education.