Utah Code § 53H-8-403: Board duties.

(1) The board shall:

(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 53H-8-402;

(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.