Utah Code 53B-7-803. Board duties

53B-7-803. Board duties.

(1)

The board shall:

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.

(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