The Clearinghouse Committee shall:
(1) Establish state goals and objectives for maximizing the utilization of federal aid and nonfederal aid programs.
(2) Promulgate procedures and guidelines for all state departments, agencies, public and higher education covering applications for federal grants and nonfederal grants.
(3) Require, upon request, any state department, agency, public and higher education receiving a grant of money from the federal government or a nonfederal grant to submit a detailed report to members of the Committee of expenditures and program measures for the fiscal period in question. Such report shall also be sufficiently descriptive in nature so as to be concise and informative. The Committee may cause the agency submitting such a report to appear before the Committee and to answer such questions as the Committee may require.
(4) Meet as often, in person or virtually, as it is deemed necessary by the Chairperson of the Committee for the purpose of establishing policy, reviewing and approving or disapproving applications for federal and nonfederal grants.