Utah Code 53B-7-803. Board duties

(1) The board shall:

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Board: means the Utah Board of Higher Education described in Section 53B-1-402. See Utah Code 53B-1-101.5
Fiduciary: A trustee, executor, or administrator.
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
Trustee: A person or institution holding and administering property in trust.

(1)(a) act as trustee of the endowment and exercise the state‘s fiduciary responsibilities;

(1)(b) meet at least twice a year to conduct business on behalf of the endowment;

(1)(c) review and approve all endowment policies, projections, rules, criteria, procedures, forms, standards, and performance goals;

(1)(d) review and approve the budget and expenditures for the endowment in accordance with Section 53B-7-802;

(1)(e) review financial records for the endowment, including endowment receipts, expenditures, and investments; and

(1)(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.