(a) Administer the Fund.

(b) Develop and implement appropriate rules, procedures, guidelines, and regulations for the proper operation of the Fund, including the necessary internal controls over the Fund.

(c) Review requests for funding from the Fund and make program funding recommendations pursuant to § 41003 of this Act.

(d) Prepare and submit an annual report to I Maga’låhen Guåhan and the Speaker of I Liheslaturan Guåhan concerning the administration and activities of the Fund.