(1) Setting and administering its own budget;

(2) Adopting, amending, repealing, or suspending the policies, standards, or rules of the board in accordance with chapter 91;

(3) Receiving grants or donations from private foundations;

(4) Submitting an annual report to the governor and the legislature on the board's operations;

(5) Conducting a cyclical review of standards and suggesting revisions for their improvement;

(6) Establishing licensing and credentialing fees in accordance with chapter 91, including the collection of fees by means of mandatory payroll deductions, which shall subsequently be deposited into the state treasury and credited to the Hawaii teacher standards board revolving fund; and

(7) Establishing penalties in accordance with chapter 91. [L 1996, c 89, pt of §2; am L 1997, c 195, §2]