| (1) | Under the direction of the board, the trust administrator shall:
| (a) | review the documents and decisions highlighting the history of the fund, including:
| (i) | the Nelson report, prepared as part of the Bigman v. Utah Navajo Development Council, Inc. C77-0031; |
| (ii) | the November 1991 performance audit of the fund by the legislative auditor general; |
| (iii) | Sakezzie v. Utah Indian Affairs Commission, 198 F. Supp. 218 (1961); |
| (iv) | Sakezzie v. Utah Indian Affairs Commission, 215 F. Supp. 12 (1963); |
| (v) | the September 8, 1977, consent decree, the stipulation dated November 29, 1984, modifying the consent decree, and the court's memorandum opinion dated September 25, 1978, in Bigman v. Utah Navajo Development Council, Inc. C77-0031; and |
| (vi) | rulings related to Pelt v. Utah; |
|
| (b) | review the potential sources of fund revenues; |
| (c) | prepare an annual projection of money that will be available for a Navajo program; |
| (d) | identify the property owned by the fund; |
| (e) | establish and maintain a record system and retention schedule to retain a record relating to the fund's property and operations, including:
| (i) | a record related to the ethics and conflict policy developed under Subsection (2)(c); |
| (ii) | a request for proposal and a proposal received; |
| (iv) | project progress and a completion report; |
|
| (f) | review an existing and proposed program financed by the fund; |
| (g) | evaluate whether a program described in Subsection (1)(f) is the most practical and cost-efficient means to provide the desired benefit to Navajos; |
| (h) | consult regularly with the administrator of a program financed by the fund to obtain a progress report on the program; |
| (i) | attend the meetings of:
| (i) | the Diné Advisory Committee; and |
|
| (j) | certify that an expenditure of the fund:
| (i) | complies with the state's fiduciary responsibilities as trustee of the fund; and |
| (ii) | is consistent with this section; |
|
| (k) | make an annual report:
| (i) | to the:
| (C) | Native American Legislative Liaison Committee, created in Section 36-22-1; and |
|
| (ii) | that:
| (A) | identifies the source and amount of the revenue received by the fund; |
| (B) | identifies the recipient, purpose, and amount of the expenditures from the fund; |
| (C) | identifies investment categories and the rate of return of each category of investment; and |
| (D) | recommends any necessary statutory changes to improve administration of the fund or to protect the state from liability as trustee; |
|
|
| (l) | submit a written annual report to the:
| (i) | Division of Indian Affairs; |
| (iii) | United States Bureau of Indian Affairs; and |
| (iv) | United States Secretary of the Interior; |
|
| (m) | establish, in conjunction with the state treasurer and the Division of Finance, appropriate accounting practices for the fund receipts, expenditures, and investments according to generally accepted accounting principles; |
| (n) | provide a summary record of fund receipts, expenditures, and investments to the board and to the Diné Advisory Committee at each meeting of the board or Diné Advisory Committee; |
| (o) | pay an administrative expense from the fund; |
| (p) | report quarterly to the board about:
| (i) | the trust administrator's activities; and |
| (ii) | the status of the fund; and |
|
| (q) | call an additional meeting of the Diné Advisory Committee when necessary. |
|