(1) If the board of trustees votes to invest Fort Lewis college's assets pursuant to sections 23-52-103.3 and 23-52-103.4, then the board of trustees shall develop and annually review a written investment policy for Fort Lewis college, which policy must include:

(a) An acknowledgment by the board of trustees of the board's fiduciary responsibility with respect to oversight of the investment policy of Fort Lewis college; and

(b) The establishment of performance benchmarks for each investment manager hired by the board of trustees pursuant to sections 23-52-103.3 and 23-52-103.4.

(2) In selecting investment managers for the purposes of this section, the board of trustees shall use an open and competitive process.

(3) If the board of trustees votes to invest moneys pursuant to sections 23-52-103.3 and 23-52-103.4, the board shall require annual financial statements to be submitted to the board of trustees, the state treasurer, the state auditor, and the joint budget committee of the general assembly. The financial statements must include, at a minimum, information concerning investment income, gains, and losses, if any, of Fort Lewis college. The financial statements must report the performance of investments on both a gross-of-fee and a net-of-fee basis.

(4) If the board of trustees votes to invest moneys pursuant to sections 23-52-103.3 and 23-52-103.4, the board shall ensure that, at all times, liquid investment assets remain at a level sufficient to pay for all budgeted, outstanding operational obligations and expenses occurring within the current fiscal year.

(5) Fort Lewis college shall not request from the general assembly any general fund appropriations to replace any losses incurred due to investment activities conducted by the board of trustees pursuant to sections 23-52-103.3 and 23-52-103.4.