(1) To approve or disapprove all plans for the erection or substantial alteration of any State or supervised institution as defined in section 901 receiving aid from the Commonwealth.

(2) To investigate, and report to the Auditor General, upon every application to the Auditor General made by any institution, corporation, or unincorporated association, desiring to give a mortgage under the provisions of the act of April 29, 1915 (P.L. 201),¹ entitled “An act making mortgages, given by benevolent, charitable, philanthropic, educational, and eleemosynary institutions, corporations, or unincorporated associations, for permanent improvements and refunding purposes, prior liens to the liens of the Commonwealth for the appropriation of moneys; providing a method for the giving of such mortgages, and fixing the duties of the Auditor General and Board of Public Charities in connection therewith.”