53B-7-803. Board duties.
(1) |
The board shall:
Terms Used In Utah Code 53B-7-803- Board: means the Utah Board of Higher Education described in Section 53B-1-402. See Utah Code 53B-1-101.5
- Endowment: means the Higher Education Student Success Endowment created in Section 53B-7-802. See Utah Code 53B-7-801
- 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.
(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. |
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(2) |
The board shall annually submit a budget and expenditures to the Higher Education Appropriations Subcommittee no later than November 1. |
Enacted by Chapter 186, 2022 General Session