Except as provided in Subtitle 3 of this title, and subject to paragraph (2) of this subsection, in consultation with the Chancellor and after a thorough search, the Board of Regents shall appoint a qualified person as president of each constituent institution. The Board of Regents shall approve the membership of any search committee convened to recommend a qualified person as president of a constituent institution. The president of each constituent institution is entitled to the compensation established by the Board of Regents. The president of each constituent institution serves at the pleasure of the Board of Regents. The president of each constituent institution shall: Serve as the chief executive officer of the institution; Be responsible and accountable to the Board for the discipline and successful conduct of the institution and supervision of each of its departments; and Take every initiative in: Implementing the policies of the Board and the constituent institution; and Promoting the institution’s development and efficiency. Subject to the authority and applicable regulations and policies of the Board of Regents, each president shall: Develop a plan of institutional mission in accordance with Title 11, Subtitle 3 of this article; Have the authority to develop new academic programs and curtail or eliminate existing programs in accordance with the procedures set forth in §§ 11–206 and 11–206.1 of this article; Formulate operating and capital budget requests designed to further the mission of the institution; Appoint, promote, fix salaries, grant tenure, assign duties, and terminate personnel; Subject to the provisions of subsection (g) of this section, have authority to create any position within existing funds available to the University, to the extent the cost of the position, including the cost of any fringe benefits, is funded from existing funds; Establish admissions standards; Subject to subsection (h) of this section, set tuition and fees; Administer financial aid; Enter into contracts and cooperative agreements; Have the authority to accept gifts and grants and maintain and manage endowment income; Have the authority to recommend change in the name or status of the institution; Regulate and administer athletic and student activities; In compliance with State, federal, and Board mandates and policies, oversee affirmative action and equal employment opportunities; Establish organizations for the administration of campus alumni affairs; Be responsible for all academic matters; Have the authority to establish and appoint an institutional board to: Provide advice to the president; Assist in community relations; Assist in institutional development; or Provide any other assistance requested by the president; Establish traffic regulations for the campus; Designate one or more representatives to participate as a party in collective bargaining on behalf of the institution in accordance with Title 3 of the State Personnel and Pensions Article; and Perform any other duties assigned by the Board. The institutional boards established under subsection (e)(16) of this section shall be known as boards of visitors. Each board shall submit a report by October 1 of each year to: The Governor; The Chairman of the Board of Regents of the University System of Maryland; The Secretary of the Maryland Higher Education Commission; and The presiding officers of the Maryland General Assembly. Except as provided in paragraph (3) of this subsection, each report submitted under paragraph (1) of this subsection shall include the comments of the appropriate board on the institution’s progress toward meeting its goals consistent with its mission. The report of the University of Maryland, College Park Campus Board of Visitors shall include: The Board of Visitors’ evaluation of the status of the effort by the University System of Maryland and the State in meeting the requirements of the Maryland Charter for Higher Education set forth in § 10–209 of this article which require the University System of Maryland to: Provide the College Park Campus with the level of operating funding and facilities necessary to place it among the upper echelon of its peer institutions; Maintain and enhance the College Park Campus as the State’s flagship campus with programs and faculty nationally and internationally recognized for excellence in research and the advancement of knowledge; Admit as freshmen to the College Park Campus highly qualified students who have academic profiles that suggest exceptional ability; and Provide access to the upper division undergraduate level of the College Park Campus for students who have excelled in completing lower division study; A status report on the effort of the College Park Campus to achieve national eminence; A status report on success in attaining federal research grants, private gifts, and other sources of nonstate revenue; and Other matters in support of institutional priorities as determined by the Board of Visitors. The institutional boards of visitors are encouraged to meet periodically with the Chancellor and Board of Regents to develop close working relationships. Subsection (e)(5) of this section may not be construed to require any additional State General Fund support. When setting mandatory and nonmandatory student fees, the president of each constituent institution shall ensure that the proposed fees are presented to the student fee committee of record for review. The information provided to the committee shall include: The amount of the fee; The students who will be charged the fee; and The proposed use of the revenues generated from the fee. Except as provided in subparagraph (ii) of this paragraph, the revenues derived from mandatory and nonmandatory fees, as recommended by the student fee committee of record that reviewed the fee, shall be spent by the campus unit or department that requested the fee in a manner consistent with the intended purpose for which the fee exists. If the student fee committee of record that reviewed the fee reviews an exception to the use of the fee, the revenues derived from the fee may be spent by the campus unit or department that imposed the fee in a manner beyond the intended purpose for which the fee exists.